~
Silver prices rallied to their highest since July 2008 in Europe on Tuesday as gold prices rose to a record above $1,065.00 an ounce, Few tips to buy gold boosted by persistent weakness in the dollar.
The US currency slid to 13-month lows against the euro on Tuesday. Weakness in the unit makes dollar-priced commodities like gold and silver cheaper for holders of other currencies.
Spot silver hit a peak of $18.01 an ounce, and was bid at $17.90 an ounce at 1119 GMT against $17.68 late in New York on Monday.
Gold rose to a record high at $1,063.60 an ounce on Tuesday as the dollar slipped against the euro, increasing the metal's appeal as an alternative asset.
Firmer oil prices and an improvement in physical demand for gold after a sluggish year for jewellery buying are also lifting gold prices, analysts said.
Spot gold was bid at $1,062.70 an ounce at against $1,055.25 late in New York on Monday.
Weak physical demand for gold raises doubts about the sustainability of high prices, although it may hold on to the $1,000 level for the next few months, a senior official at major metals consultancy GFMS said on Tuesday.
Investment and jewellery demand have been key drivers behind the steady rise in gold prices over the past few years, and current weakness in jewellery demand is a worrying sign, said GFMS chief executive Paul Walker. "My concern is that this market is becoming increasingly uni-dimensional," Walker said at a seminar in Tokyo.
"One pillar, jewellery demand, has become eroded. The question we must ask is, is there a compelling, sustainable case for investment in gold in the short to medium term?"
India, the world's largest consumer of bullion, holds the key to the outlook for demand and how high and sustained gold prices will be in the next 6-18 months, he said. "We are starting to see stresses and strains in what consumers are willing to spend. The volume argument is starting to move against gold," Walker said.
~~ET
At Sampark Online Finserv LLP, we provide financial advice and distribute various investment products with the most efficient & widest range, customized specifically to your NEEDS..@ Whether you are keen on small investments or playing it big, We provide financial advice and distribute various investment/financial products with the most efficient & widest range, customized specifically to your NEEDs.
Subscribe to:
Post Comments (Atom)
Popular Posts
-
Those Who Joyfully Leave EVERYTHING IN GOD'S HAND Will Eventually See GOD'S HAND IN EVERYTHING WORRY ENDS, WHERE FAITH BEGI...
-
Dec 03, 2009 सोने का नया रिकॉर्ड सोना जबरदस्त रफ्तार से दौड़ रहा है। हर रोज नए रिकॉर्ड बन रहे हैं। पिछले 15 दिनों में ही हाजिर बाजार में इ...
-
A TO Z OF INCOME TAX PROVISIONS AT A GLANCE: 1. Detailed information of Income Tax is available on www.incometaxindia.gov.in 2. As per...
-
Gold has always fascinated us Indians but do you know how prices of gold have varied in India. I happen to visit RBI website which pub...
-
8 MILLIONS CHILDREN ARE NOT IN SCHOOL : THE POWER OF YOUR WORDS CAN HELP CHANGE THEIR LIVES .. JOIN THE MOVEMENT NOW
-
Insurers, it seem, believe that getting a family insured together is the best way to address the healthcareconcerns of people. Also, it...
-
What is a Systematic Investment Plan (SIP)? SIP is a method of investing a fixed sum, regularly, in a mutual fund. It is very similar ...
-
SAMPARK 75(193), G. T. ROAD RAMBANDHU TAKAW OPP-CHOWALAL SCHOOL ASANSOL-713303, (W.B),INDIA JALAN BHAWAN 52 N.S.ROAD...
-
Reasons to avoid multiple bank accounts: Try and stick to two, one for general purpose and another for your savings & invest...
No comments:
Post a Comment