Any shift in investor sentiment may result in speculators fleeing the gold market, driving its price down sharply, quickly. One significant risk for gold is a near-term reversal in the dollar, which recently fell to a two-year low.
Since the Union Budget, gold has become costlier by 8-9 per cent because of a 2.5 per cent increase in import duty to 12.5 per cent and about a 5 per cent depreciation in the rupee.
Gold prices fell back after a brief overnight rebound on the first trading day of 2015 at the domestic bullion market due to reduced stockists offtake as well as lack of local buying interest.
Gold prices gained marginally, in an otherwise listless and cautious trading on the bullion market in Mumbai on Saturday owing to stray buying support.
Gold prices fell further at the local bullion market on Saturday due to reduced off-take by stockists as well as lack of local buying support at the existing levels.
Gold jumps on good seasonal support; silver extends losses.
Gold closed at its highest level in nearly two weeks.
After gold, it was silver's turn to scale new highs as ready silver rallied to touch an all-time high of Rs 12,340 per kilo in the opening session on the bullion market here on Thursday due to heavy buying activity.
Gold prices zoomed across the country on Saturday to touch an all-time high of Rs 6730 per ten gram in Kolkata on revival of buying by stockists enthused by a firm trend overseas.
Gold for August delivery jumped $8.70 to settle at $1,292.90 an ounce on the Comex division of the NYMEX late on Friday.
The noble metal costs Rs at 26,755 per 10 gms.
Gold prices firm up on global cues.
Bullion may settle with limited upside potential
The exchange, say sources, began mock trading from early October and around 250 Indian brokers have said they'd take membership of the international exchange.
In dollar terms, however, gold prices jumped by 26 per cent this calendar year, following sharp jump in hedge funds' long position
Dealers expect prices to fall further, owing to an impending rate hike in the US
For the year as a whole the price is expected to average $1,270, which compares with the year-to-date average of $1,289.
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