Tuesday, June 1, 2010

Gold Makes New Record High In Rupees

According to an NDTV report, the price of gold jumped above 19,000 rupees per 10g; that makes for a new all-time high in that currency.


Also from India, a brief interview with Ajay Mitra in which he explains that Indian gold demand is likely to drop during this quarter.
What is the impact of monsoon on gold demand?

The biggest risk at this point of time as we see in India would be the monsoon. If we are able to get a good monsoon i.e. a normal monsoon, demand would continue to be upbeat. However, the contrary view is if monsoons were to taper off and the levels of last year is what were to be seen, demand would slow down. Anywhere between 15-20% drop in demand would be seen.
Mitra also pointed out that second quarter demand is normally soft. He expects there won't be an unusually large drop in demand, given current trends.

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