The gold price
India gold demand slackens - 4 July 2007
Demand for gold in India has weakened following sturdier prices for the precious metal, Reuters reports.
Following a decline in the dollar, more people opted for gold as an attractive investment option and the gold price moved to more than 8,700 rupees per ten grams.
"Demand is light … it is going to be like this for the next few days," said Brijwasi Buillion & Jewellers Pvt Ltd's Lokesh Agarwal.
Mayank Khemka of Khemka International Pvt Ltd said that people would probably buy "if prices fall back to 8,600 rupees … Otherwise the whole of July will be dull".
Yesterday gold reached its highest level in almost two weeks following security concerns and a drop in the value of the dollar.
The yellow metal reached as high as $658.80 an ounce, following a three-month low of $638.90 recorded last week.
Terrorist actions and other global security concerns tend to drive the price of gold upwards as investors look for a secure investment option.
Following a decline in the dollar, more people opted for gold as an attractive investment option and the gold price moved to more than 8,700 rupees per ten grams.
"Demand is light … it is going to be like this for the next few days," said Brijwasi Buillion & Jewellers Pvt Ltd's Lokesh Agarwal.
Mayank Khemka of Khemka International Pvt Ltd said that people would probably buy "if prices fall back to 8,600 rupees … Otherwise the whole of July will be dull".
Yesterday gold reached its highest level in almost two weeks following security concerns and a drop in the value of the dollar.
The yellow metal reached as high as $658.80 an ounce, following a three-month low of $638.90 recorded last week.
Terrorist actions and other global security concerns tend to drive the price of gold upwards as investors look for a secure investment option.
Goldbug, 04 Jul '07
Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News, RSS links are shown there.
