Gold to Attain 33,000 Mark In India

Bangalore: Gold prices are anticipated to beat all its record by the year end and cross the $1,800 mark globally and to touch 33,000 mark per 10 grams in India, as stated by the update of Thomson Reuters GFMS Gold Survey 2012 released in London. The bullishness of Reuters is mostly based on the quantitative easing (QE3) and fiscal policies of U.S. Government, which are enacted to boost its economy.

“Gold is now entering the high demand fall season. It has been my expectation that gold will generate its first test of the all-time highs sometime this fall. If my intermediate cycle count is correct, we should see a move above the A-wave top of $1800 and a rally close to $1900 by late October or early November. At that point, the intermediate cycle will enter the timing band for the next corrective move, which should prevent gold from breaking out to new highs”, says Toby Connor, Blogger of Gold Scents, a financial blog with a special emphasis on the gold secular bull market.

 “The rupee is prevailing around the level of 55.60 against the dollar since gold started heating from the level of $1,530 about a month ago. Now, when the metal is approaching around $1,700, the Indian rupee continues to remain in the same range. In all probability, the rupee is unlikely to appreciate from this level resulting in gold prices getting support from overseas markets. If QE3 comes, gold would definitely hit Rs 33,000 per 10 gm in India and even higher,” said Prithviraj Kothari, President, Bombay Bullion Association (BBA), as quoted by Business Insider.

Gold prices in Mumbai’s Zaveri Bazaar turned up by 120 and at Rs 31,320 per 10 gm as against Rs 31,200 per 10 gm on 4^th September’12.

Thomson Reuters GFMS, in its quarterly Gold Survey alleged that, “Gold price is expected to clear the $1,800 mark before year-end.”

Philip Klapwijk, Global Head of Metals Analytics said, “We have already seen the lows for the year and that firmer prices, particularly towards year-end, are on the cards. But we are also expecting a bumpy ride looking ahead - any intensification of the euro zone crisis or dashing of hopes for further easing by the Fed and you could easily see the rally derailed for a while”, as quoted by Business Insider.