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Gold and silver lost some more sheen on Monday. While the price of the yellow metal fell by Rs 300, touching a 21-month low of Rs 26,370 per 10 gram, silver declined by Rs 1,530 to Rs 42,170 per kg in the capital — a level that was last seen in November 2010.
In Mumbai, standard gold fell by Rs 220 to 25,900 per 10 grams while silver closed at Rs 42, 970 per kg, a drop of Rs 830.
The fall in prices has raised expectations of gold jewellery getting cheaper with price of the precious metal expected to slide to Rs 25,000 per 10 grams in the near future. With the US economy showing signs of improvement resulting in a weak investment demand for gold, analysts said gold prices are likely to remain bearish over the next few months.
The correction in price was quite expected, the main reason being the improvement in the US dollar as compared to the euro. International price of gold is expected to remain around $1350 an ounce in the near term.
Price of gold in the international market, which normally determines domestic price, stood at $1,354.20 an ounce on Monday. In domestic market, gold prices fell by over 3% during the first quarter this year, while in April alone, prices declined by 18% due to global factors.
With investors turning to the US equity markets owing to an improvement in the economy, analysts said more money is expected to be withdrawn from gold ETFs pushing prices lower. In case of gold, $1,320 an ounce is seen as a good support level. In domestic markets, the support level is Rs 25,000. Once this level is broken, prices might fall further
LOSING SHEEN
While gold prices fell by 330, touching a 21-month-low of 26,370 per 10 grams, in New Delhi, yellow metal slipped by 220 to 25,900 in Mumbai
Gold prices witnessed over 3% fall during the first quarter this year, while in April alone, prices declined by 18% due to global factors
With investors turning to the US equity markets owing to an improvement in the economy, analysts said more money is expected to be withdrawn from gold ETFs pushing prices lower This could happen in the next two months.
However, with the US dollar strengthening, market experts said the decline in international price might not translate completely in rupee terms. Rupee will continue to be under pressure and hence the decline in price in India will not be in line with the drop in international prices.
With falling prices having triggered physical demand for gold, retailers said consumption of jewellery is likely to be higher as compared to last year, even during the off season. India registered a 27% increase in demand for gold in the first quarter of 2013, as against a 13% decline in demand globally.
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