‘Gold price likely to touch Rs 36,000 mark very soon’

Source: The Hitavada      Date: 06 Feb 2019 10:50:47


 

Business Bureau,

As the gold prices are flying high for the past few days, the city-based jewellers observed that time has come for the prices of the yellow metal to witness its all time high. They predict gold prices to touch the record high of Rs 36,000 per 10 gm in couple of months.


While talking to The Hitavada on Tuesday, the jewellers said gold prices are getting support from all directions. There is good demand for gold ornaments in the country and international parameters are also showing positive signs, they felt.


Gold was sold at a price of Rs 33,300 per 10 gm (with GST) in the last week of January which has surged to Rs 34,300 per 10 gm (with GST) on Tuesday.
Director of Gems and Jewellery Council (GJC) and Director of Karan Kothari Jewellers Pradeep Kothari said, “Gold is enjoying good demand from customers. Moreover, various parameters in the international markets are also pushing up the gold prices. Based on these conditions, I think gold is likely to touch Rs 36,000 per 10 gm mark in couple of months.”


President of Nagpur Sarafa Association and President of Team CAIT Kishore Dharashivkar also echoed similar sentiments.
He said, the purchasing power of the common man would go up in coming days as the Union Government has initiated various steps in the Budget. “There will be sufficient cash in the hands rural and urban masses which is going to create good demand for many products and goods. Gold and silver will be among them,” he said.


Dharashivkar said that there are no signs of rate dilution. “Being an election year, we do not expect any negative impact on the markets. Apart from this, domestic and international conditions are also supporting the gold prices,” he added.
Secretary of Nagpur Sarafa Association and one of the renowned jewellers Rajesh Rokde said marriage season has kicked off in the country which is creating stupendous demand for  gold items. “One should not pay heed to volatility in gold prices. The prices of noble metal are going to fly high and the bullish trend will continue till Diwali. I am very optimistic about the rates,” he said predicting the rates to touch all time high very soon.