Gold prices will rise next year as the financial crisis pushes more investors into the precious metal safe haven, according to delegates polled on Tuesday during the London Bullion Market Association annual meeting in Kyoto.
Silver coins also spurted by Rs 1,000.
In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 160 each to Rs 31,350 and Rs 31,150 per ten grams, respectively.
Gold prices firm up on global cues.
Silver also eased by Rs 100 to Rs 39,400 per kg.
Gold remained weak for the second straight day and prices fell by another Rs 190 to Rs 26,810 per ten grams.
Silver coins also spurted by Rs 1,000 to Rs 56,000.
On the occasion of Akshaya Trithiya and considering the gloomy economic scenario, should you invest in gold?
Gold prices on Thursday crossed the psychological Rs 18,000 per ten gram level in early trade in the national capital today on frantic buying by stockists and jewellery makers, in line with a firming global trend.Gold, which had set a new milestone at Rs 18,000 per ten gram in the previous session, opened higher by Rs 80 at Rs 18,080 per ten gram in the Delhi bullion market.
Gold for delivery in far-month February contract surged to Rs 16,785 per 10 grams before slipping 0.58 per cent to Rs 16,774 per 10 gram in a turnover of 164 lots.
Silver also turned weak and prices eased by Rs 100 to Rs 36,900.
Gold prices on Tuesday drifted by Rs 70 to Rs 27,050 per ten grams at the bullion market owing to slackened demand.
Gold prices shone smartly to end higher by Rs 245 on the very first day of Samvat year 2065 following fresh demand from investors on the festive season of Diwali amid positive global cues.
Gold prices fell by Rs 80 at Rs 27,150 per 10 grams at the bullion market on Wednesday.
Gold prices went up by Rs 130 to Rs 26,930 per 10 grams at the bullion market in New Delhi on Monday on increased buying by jewellers and retailers amid ongoing wedding season demand.
Gold price softens as demand dips.
Surging gold prices set yet another record of Rs 15,800 per 10 gram in the national capital on Thursday in line with the surging global bullion markets on speculation that the global recession will deepen further.
The precious metal spurted by Rs 360 to Rs 15,200 per 10 gram, a level never seen before, solely driven by a rally in overseas markets.
Gold prices rallied by Rs 220 per ten grams to resume at Rs 14,275 on the bullion market in Mumbai on Wednesday on hectic stockists buying triggered by higher New York advices.
"Despite the marriage season being on, almost all gold ornament shops have reported a sharp fall in their sales," said P Satya Narayan Senapati, president, Berhampur Jewellery Association. At the peak of the marriage season, the gold trade in Behrampur reached around Rs 1 crore (Rs 10 million) per day earlier. Given the uptrend and volatility in the price of gold, there is scanty demand for the yellow metal and only need-based buying by the customers.
Traders said apart from fall in demand from jewellers and retailers at prevailing levels, a weak global trend as the strengthening dollar eroded appeal for the precious metal, mainly influenced sentiments in New Delhi.
Silver also traded higher by Rs 250 to Rs 41,000 per kg on increased offtake by industrial units.
Gold advanced one per cent to $1,212.21 an ounce in Singapore.
Silver also traded lower by Rs 400 at Rs 37,600 per kg.
Silver coins shot up by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.
The precious metal spurted by Rs 200 from Friday's level at scale a new peak of Rs 15,900 per 10 gram.
Snapping their three-day falling trend, gold prices surged by Rs 375 to trade at Rs 26,375 per 10 grams at the bullion market.
Gold has bounced back gaining Rs 825 in the last eight days.
Silver also declined by Rs 250 to Rs 35,400 per kg on reduced offtake by industrial units.
It makes sense to wait for govt schemes such as gold bonds.
The rapidly widening gap between mine production and jewellery demand could lead to a strong rally in gold prices culminating in a fresh high this year, according to the latest forecast by Gold Fields Mineral Services (GFMS).The independent London-based consultancy and research company projected that the metal could hit the psychological $1,100-an-ounce barrier this year.
Silver also edged higher by Rs 100 to Rs 36,100 per kg.
Silver followed suit and shed Rs 100 to Rs 36,050 per kg.
Marketmen said fall in demand from jewellers and retailers at prevailing higher levels and a weak global trend mainly led to the fall in gold and silver prices.
Silver also recovered by Rs 500 to Rs 37,300 per kg.
Silver followed suit and traded Rs 90 higher at Rs 38,290 per kg on increased offtake by industrial units and coin makers.
Silver also shot up by Rs 400 to Rs 34,400 per kg.
Demand to remain high with festive season ahead and ongoing price fall
The precious metal had gained Rs 335 in the last two days.
The yellow metal dropped Rs 400 at Rs 11,550 per 10 gram, a level last seen on Sept 11, on brisk selling by stockists and investors after the Bombay Stock Exchange benchmark Sensex recorded a second steepest fall in its history. The stock markets nosedived and bullion prices collapsed after the Reserve Bank of India kept interest rates unchanged and downgraded the national economic growth to 7.5 per cent.
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