collected by :Irax John
His earlier announcements have already moved gold prices nearly 10% since the start of the year.
Also, geopolitical tensions emanating from North Korea will not have any impact on gold for the time being,“ Mallya said.
“If interest rate is hiked by Fed then prices of gold may drop to Rs 28,000.
On Tuesday afternoon it was trading at about Rs 28,910 per 10 gm.In the physical market , gold was available at Rs 29,400 per 10 gm.
Kolkata: Gold prices may fall 3-5% in the short term amid expectations that the US Federal Reserve will increase interest rate at the next meeting of the Federal Open Market Committee on March 14-15, bullion traders and analysts said.
Gold rate today: Check out rate and market outlook
as informed in None of the other four assets has trebled in value during this period.World Gold Council sees India investment demand at 250-300 tonnes by 2020.
An analysis showed Indian consumers would invest more in bars and coins, jewellery, and other gold-backed financial products than they do at the moment.
In a world that is in great disequilibrium, both with respect to economic growth as well as geopolitics, there exist more uncertainties than certainties to give gold an edge over other asset classes.
But February was a rather tepid story.
Date Gold Rate (Per 10g) Previous close 7-03-2017 28751 6-03-2017 29127 5-03-2017 28945 4-03-2017 29020 02-03-2017 29170 01-03-2017 29450 28-02-2017 29710 27-02-2017 29623 24-02-2017 29451 23-02-2017 29208 22-02-2017 29301 21-02-2017 29303 20-02-2017 29360 17-02-2017 29416 16-02-2017 29143NEW DELHI: January was the strongest month for gold in over a decade, as Donald Trump and crude oil emerged biggest drivers of market trends for the yellow metal.
Gold edges up but US rate increase weighs on sentiment
as informed in Bengaluru — Gold prices inched up on Wednesday, but remained near four-week lows hit in the previous session as the expectation for a US rate increase in March gathered momentum.
The metal hit its lowest since January 20 at $954 in the previous session.
It marked its lowest since February 3 at $1,213.6/oz in the previous session.
Whether they are picking up gold at a bargain rate or are catching a falling knife remains to be seen,” said Jeffrey Halley, senior market analyst at Oanda.
Investors are now awaiting nonfarm payrolls data for February on Friday as a key barometer of the US economy.