No. of views : (5452)
Gold prices to drop down drastically
Posted on: 27/Jul/2015 9:35:40 AM
Gold prices are expected to drop to a low of Rs 23,000 per 10 gram. This is mainly because the market is nervous of the outcome before July 29, when the US Federal Reserve will take a decision on rate hike. Whatever the decision, it will be negative for gold.
The gold was at Rs 24,752 per 10 grams on Saturday, and $1,097.50 an ounce in the international market. Domestic prices of gold, however, will be cushioned if the rupee weakens against the American currency. Gold prices are likely to be in a range between Rs 23,500 and 24,000 by the end of December. In the domestic market, the prices have fallen from a high of Rs 34,000 per 10 grams to a low of Rs 24,700 - losing more than 27 per cent, in a span of nine months.
The prices may go down further to Rs 23,500 with China offloading the yellow metal from its reserves to withstand the current economic crisis.
Post your requirement - We will connect with the right vendor or service provider
