Gold prices could hit the $3500 an ounce (oz) mark in the next 18 months - up around 13 per cent from the current levels - given the global uncertainties and aided by investment demand, said analysts at BofA Securities in a recent note. Uncertainty around Trump Administration trade policies, BofA said, could continue to push the US dollar (USD) lower, further supporting gold prices near-term.
Shanghai Gold Exchange plans to open a centre at GIFT City, in partnership with BSE or NSE
Spot gold fell as far as $1,142.10 an ounce on Thursday, its lowest since November 2014.
Nearly two-thirds of India's gold demand comes from rural areas where jewellery is a traditional store of wealth for millions who have no access to the formal banking system.
Festive demand for gold in India got off to a tepid start, with local prices still at a heavy discount to the global benchmark, a bad sign for a period when buying is typically strong.
Silver also fell further by Rs 150 to Rs 34,200 per kg.
India Ratings has in its latest report has maintained a bearish outlook for gold prices for the current financial year.
Gold is often considered a 'hedge' against an economic uncertainty.
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