Saturday, 16 November 2013
Mcx Tips: Gold Market Outlook of this Year
With the beginning of 2013, gold prices fluctuations was seen between the bulls and bears. After seeing a level of Rs 24,830 in the month of June 2013, the yellow metal clocked a life-time time high of Rs 34,997 in August 2013. On Thursday, the metal ended at Rs 30,249.0 on MCX.
Nearby 70 percent of India's gold stock is held in rural India. Gold stock in India is estimated to be around 20,000 tonnes on the lower side and about 40,000 tonnes on the higher side.
During this year 2013, in dollar terms gold prices are down by around 21 percent, while in the Indian markets, the yellow metal has slumped only around 3 percent.
The currency's depreciation has played a key role in preventing sharp losses in commodity prices in the Indian markets. Over the year, the domestic currency has depreciated more than 12 percent and this sharp weakness has come in as a supportive factor to prices.
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