05.11.2015 - India: Gold prices may fall this Dhanteras
A silver lining in the form of lower gold prices this Dhanteras might be in the works for householders who have been singed by high dal and onion prices recently. Commodity futures market analysts till Wednesday evening have been betting on a fall in price around Dhanteras this Monday, mainly on grounds of a stronger dollar in the run-up to the first interest rate hike in the US in December. Gold and dollar are negatively correlated. Commodity brokerages such as Angel Commodities and Inditrade have made a sell call at a little over Rs 26000 per 10 gm for targets ranging from Rs 25,700 to as low as Rs 25,400, excluding taxes. Jewellers confirm that footfalls could be higher if the rate declines further from Rs 26,000. "Amid a possible fall in rural demand because of deficient monsoon, which curbs their spending power, a fall in gold price will increase grammage buys," said Saurabh Gadgil, owner of PN Gadgil Jewellers..............................................Full Article: Source
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