Gold can reach Rs33,000 level in 2013: Experts


Mumbai, Dec 30: Gold is likely to hold steady-to-firm in 2013 and could reach Rs 33,000-level as economic growth prospects improve and certain international factors push up the commodity’s price, market experts have said.
 In the long term, gold looks firm with most central banks pushing liquidity into the markets and increasing their loading of the yellow metal, Kotak Commodity Services analyst Madhavi Mehta said.
 The central banks of Brazil and Russia are reportedly planning to increase their gold holding next year, she said.
 “We expect gold to rule at Rs 28,000-33,000 level in the domestic market in 2013. However, stabilising rupee, which may come to 50 level, and fiscal cliff concerns may act bearish for gold,” she said.
 Expectations of the economy improving and foreign institutional investors (FIIs) providing momentum in equity markets are also likely to support gold, she said.
 Globally, the yellow metal may rule at $1,550-1,850 an ounce (31.10 grams) level, she said.
 Gold prices last week closed at Rs 30,600 per 10 grams in the domestic market, while in the global markets it was at $1,658 an ounce.
 With a fair bit of correction already taken place in December due to year-end profit booking, Mehta said, in near term gold is likely to rule at Rs 29,800-Rs 31,500 range.
 “Amid the US fiscal cliff situation the market is expecting the U.S. government to reach at least a partial deal, which will bring in a positive market sentiment that will be positive for gold. Therefore, we expect gold price to recover in January 2013,” she added.
 Echoing a similar view, Commtrendz Research Director Gnanasekar Thiagarajan said the market is waiting for a very long time for resolution on the U.S. fiscal cliff issue.
 Gold is likely to reach even Rs 33,000-34,000 levels in the long run in the domestic market, he said.
 “The movement in gold price will mainly depend on where the fiscal cliff agreement reaches. If the agreement is in line with the market expectations, the price will pick up, but will subsequently come down and if the conclusion is not in line with the expectation, the gold price will fall with other assets,” he said.
 In the short term, the yellow metal may come down to $1,565 and rally up to $1,900 overseas and at Rs 28,500-Rs 31,500 in the domestic markets, he added.
 Angel Broking Associate Director (Commodities and Currencies) Naveen Mathur said gold price in short term would be stable at Rs 30,500-Rs 31,000 range as the rupee appreciates against the U.S. dollar.
 In the international markets, gold is likely to rule at $1,650-1,700 an ounce, he added.
 “Appreciating rupee will mainly keep the gold prices under check in the domestic markets,” he said.
 The current situation is like a stalemate, as everything depends on the US fiscal cliff resolution.

Lastupdate on : Sun, 30 Dec 2012 21:30:00 Makkah time
Lastupdate on : Sun, 30 Dec 2012 18:30:00 GMT
Lastupdate on : Mon, 31 Dec 2012 00:00:00 IST

  • StumbleUpon
  • Digg
  • TwitThis
  • Mixx
  • Technorati
  • Facebook
  • NewsVine
  • Reddit
  • Google
  • LinkedIn
  • YahooMyWeb
  • Print News

Enter the Security code exactly as you see it in the image security code is CaSe SeNsItIvE(Cookies must be enabled)

  • Kashmir

KU ‘reluctant’ to run human rights course

Varsity Authorities Indecisive On Taking Financial Assistance From UGC


Srinagar, Dec 30:  Kashmir University authorities are indecisive on accepting the financial assistance from the University Grants Commission (UGC) for running a human rights course at the varsity More

  • Srinagar City

Dal gets buffer zones to check heavy nutrient, silt influx

Eco-friendly measure aimed to naturally filter lake’s inflow waters


Srinagar, Dec 30: Government has created buffer zones around Dal Lake to prevent heavy inflow of obnoxious nutrients, silt and Azolla from its catchment areas.  Excessive siltation and nutrient inflow More

  • Jammu


Demise Widely Condoled


Jammu, Dec 30: Former Additional Director General of Jammu and Kashmir Police, SS Ali, passed away Sunday morning at the All India Institute of Medical Sciences at New Delhi after brief illness. Various More

  • South Asia

21 Pak soldiers gunned down by Taliban


Islamabad, Dec 30: The Pakistani Taliban have gunned down 21 security personnel at a cricket ground after abducting them from check posts near the northwestern city of Peshawar, officials said today.The More

  • Bandipora

Electric sub division Watpora defunct

20000 consumers suffer

Watapora (Bandipora), Dec 30: The electric sub division catering to   thousands of consumers in this north Kashmir area is virtually defunct from the past few months owing to the “sub standard More

Designed Developed and Maintaned By Imobisoft Ltd /Algosol Software Solutions