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February 11, 2009 |
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Commodity Online
NEW DELHI : Gold prices set a new record at Rs 14,550 per ten gram in India on Wednesday, mainly on brisk buying by stockists and jewelers based on firm global trends.
Standard gold rose by Rs 310 at Rs 14,550 per ten gram as global prices surged after a three day slump.
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On Tuesday, gold prices closed at Rs 14,055 per ten gram in the country and February delivery ended up by $21.30 to $913.70 an ounce in New York.
High prices of gold have prompted many buyers to hold back purchases hoping that the gold prices would come down. Traders and dealers are not willing to buy new gold stocks because “lots of unsold stocks are remaining with them in the warehouses.”
Some of them have predicted that global economic meltdown, lure for gold exchange traded funds and investment appeal will drive India's gold prices to a record Rupees 16,000 levels per ten grams in three months.
According to Chairman of Gitanjali Group, Mehul Choksi, gold prices are rising and rising and it would not be a surprise if gold prices zoom to Rupees 16,000 per ten grams by April this year.
"Demand for gold as an investment opportunity is going up day by day among Indian investors. Added to this is the new apeal for gold ETFs in India," Choksi told reporters. He said people are going to invest more money in gold ETFs. "Gold ETFs a safer bet in times of crisis financial markets and currency movements," he told reporters last week.
Trading in bullion contracts contributed Rs 2,023,441 crore to the total turnover of India’s commodity exchanges during the first nine months of the current fiscal, according to a data from the commodity market regulator Foward Markets Commission (FMC).
Meanwhile, India's gold collection under exchange-traded funds rose a marginal 1.1 percent on month to 5.39 tonnes in January. India has five Gold ETFs which together hold a dismal quantity of over 5 tonnes compared to the 15,000 tonnes of gold that Indian households own.
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