In 2009, gold trading began around Rs13,300 per 10 gram and closed at around Rs16,700, a price rise of about 25% during the year.
Gold purchases are decreasing, thanks to prices touching new highs every year. Its import at the Air Cargo Complex in Ahmedabad witnessed a fall of 23% in volume in 2009.
In 2009, gold trading began around Rs13,300 per 10 gram and closed at around Rs16,700, a price rise of about 25% during the year.
In between, in November, yellow metal was quoted at an all-time high of Rs18,300 per 10 gram. The peak price was almost 40% higher than the opening price of the year.
In 2007, gold import at the Air Cargo Complex was 190.79 tonnes, which fell by around 11% in 2008 to 169.50 tonnes. Import fell further by 23% in 2009 to 129.96 tonnes. Thus, gold import has fallen by over 31% in 2009 as compared to 2007.
Marketmen feel that now gold prices will drive its demand. “With prices higher by over 30% compared to last year, the fall in imports is not surprising. High prices have resulted in customer resistance and lower sales volumes. Festival and marriage-related demand will be there, but volumes would continue to be driven by prices,” said the director of GSEC Ltd, Samir Mankad.
GSEC takes care of the Air Cargo Complex at Ahmedabad.
Global factors are responsible for the hike in gold prices in 2009.
“Weakening of dollar and investment in gold by many central banks, including Reserve Bank of India, pushed its prices to a high of $1,220 per ounce. As a result, gold prices in the domestic market also touched a record high of over Rs18,000 per 10 gram,” said Mumbai-based bullion analyst, Bhargav Vaidya.
According to Vaidya, bullion is not expected to be very bullish in 2010 due to global factors.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}