Headed For 35000 ?
August 28, 2013 7 Comments
Gold, in India, today hit an all-time high as the rupee continued with its downward spiral against the US dollar. The yellow metal breached its previous high of Rs 32,464 made on November 26, 2012, to hit a record high of more than Rs 33,600 per 10 grams.While the gold in US dollars terms is still way down from all-time high of $ 1,920 an ounce, the Indian markets have run up on the back of rupee weakness,
Gold in the last two months has not only recovered the 20 per cent it lost in 2013 but also gained 6 per cent over it.
With the global gold prices headed into bull territory and the Indian price in unchartered territory, some more strength is expected from here on. Bullion traders expect prices to breach Rs 35,000 this week itself.