~
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, 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
-
SAMPARK 75(193), G. T. ROAD RAMBANDHU TAKAW OPP-CHOWALAL SCHOOL ASANSOL-713303, (W.B),INDIA JALAN BHAWAN 52 N.S.ROAD...
-
A WINNER can show you d way to success.. But.. A LOOSER can make you.. Aware of all ways leading to failure..@
-
8 MILLIONS CHILDREN ARE NOT IN SCHOOL : THE POWER OF YOUR WORDS CAN HELP CHANGE THEIR LIVES .. JOIN THE MOVEMENT NOW
-
25. Kyoto University , Japan Kyoto University rated as 25th best university in World University Rankings 2009. Founded in 1897, Kyoto Univ...
-
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...
-
Over the past month, several mutual fund investors would have received a mail from their fund house to update their Know-Your-Customer (K...
-
MY INTERACTION with one of my client on 12.12.2018 Sensex up today by 600 points* :scream: Manish : I am wondering Dr. AAA, why t...
-
One of my client get more than 6L as a benefit beside his SIP amount become double in the time span of about 8years. This event force me...
-
Dear All Today is the first day of the new Financial year and we all are free now as lockdown prevails due to Corona crisis, so let's...
No comments:
Post a Comment