NEW DELHI: The spiraling prices of Gold are expected to touch the mark of Rs 35,000 per 10 grams by Dhanteras, a day meant for celebrating wealth, according to market experts. There are also expectations that the price will remain the same till the end of the year.
Dhanteras is considered as the traditional jewellery buying day for thousands of Indian households thereby increasing the demand for Gold.
Yesterday, the precious metal moved upward by Rs 320 to Rs 32,300 per 10 gram in the Delhi market and has gained Rs 1,555 in the last fortnight on the back of continued uncertainty in Europe. In Mumbai, the yellow metal surged by Rs 220 to end at Rs 31,700 per 10 gram from Wednesday's closing level of Rs 31,480.
Not only in India, in international market also, gold prices zoomed to two-folds as compared the prices in 2008. In 2008, the global financial crisis hit the economy badly.
The gold traders are hoping for a small correction in price in the next two weeks, but the trend will be upwards. However, the continuous increase in gold rates failed to make much fluctuation in the demand of the precious metal as most of the demand is fuelled by investment-related purchases.