Gold prices rise at world markets, gold price in India has stabilized today

Gold price in India today

In brief: Gold prices remain at the highest possible marks today. Gold prices continue to grow in India, demand is growing.

India has become the flagship for the bulls on gold. Gold prices in India rose to a peak this morning. On Friday, June 18 quotes for gold reached a new record high against the withdrawal of investors in asset-seekers in light of overall uncertainty in other markets. As a result of trading on the COMEX, division of the New York Mercantile Exchange (NYMEX), quotes gold futures rose by 9.60, or 0.8%, to 1258.30 dollars per troy ounce, quotes, silver futures rose 41 cents, or 2.2%, to 19.18 dollars per ounce. The price of gold on the spot market in the U.S. amounted to U.S. $ 1256.00 per troy ounce (+9.30 dollar).

Futures for precious metals closed with an increase in the price of the following factors: 1 – Economic News – published in the current results of stress tests of banks in Europe and the debate about the rates, which may arise during the forthcoming summit of the Great Twenty (next week in Canada, leaders of the Big Twenties hold a joint meeting in which to discuss economic policies), helped to increase the price of gold; 2 – gold as an asset of refuge – the participants of the market again to buy gold as a currency of refuge against continuing concerns about the debt crisis of Europe, who took over Greece, Spain and Portugal, and recently has spread outside the euro zone, Hungary.

Gold prices also reached a record high when expressed in euros, which indicates a more widespread demand for the precious metal as an alternative currency, and thus secure the asset. Prices of other precious metals, which are widely used in industry – silver and platinum group metals – closed with an increase in price, following the price of gold. From the news it may be noted that in June gold imports by India, the world’s largest consumer of the metal, may fall by half to less than 15 tons – from 29.9 tons a year earlier. The reason for the fall will be near-record prices, coupled with the rainy season. The beginning of the rainy season usually increases the demand for seeds and fertilizers in India, which reduces the amount of funds that people can spend on the purchase of gold. June and July are traditionally bad months for trafficking in gold, especially if prices are high. Speculative buying of precious metals from foundations and banks, the use of gold as an asset of refuge as well as lowering the U.S. dollar will provide sustained support for quotations of gold and silver. However, the situation could change dramatically if the dollar will resume its strengthening, as the inverse correlation between the dollar and the prices of precious metals continues. Volatile changes in the currency market may be reflected in the sharp fluctuations of prices for precious metals.

Anrey Torbinski
2010-06-21 12:07, Commodities.

News on: , , , , , , , , , , , ,

Post a comment