Gold is the highest consumed precious metal in India. Due to the uncertainties in the stock market and other reasons, the prices of gold are seen going up and down since the last couple of months.
From Rs 34500 per 10 grams, the prices of Gold fell to Rs 24,500 in the last few months, but now again they have rebound back the the 30k per gram level.
There was also a sharp fall in the Indian rupee due to the US strike getting imminent on Syria. But now after Russian President Vladimir Putin was able to convince US President Barack Obama on the Syrian issue, the gold prices might come under pressure.
Even at the current gold price of Rs 30,000 per 10 grams, investors in Asia think the current price as a buying opportunity. Investors in India might buy the metal if prices drop below Rs 30,000 for 10 gm.
So as of now there is no serious threat for Gold after the heavy buying during the 25-26 levels.
Check today’s gold price here.
According to the early morning trades in Asia, spot gold climbed to $1,366.65 an ounce and gold futures in December to $1,366.60 in Singapore.
In Indian markets on Tuesday, gold for jewellery dropped to Rs 30,420 for 10 gm and pure gold climbed down marginally to Rs 30,585. Check the latest Indian rupee price here.
The gold October contracts on MCX are expected to trade between Rs 31,000 to Rs 31,250.
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