Once again the Gold returned to the 15K mount after a gap of more than 3 and a half months. The Pure Gold is now Rs.15,010 per 10 gram in the Mumbai market, a major gold hub.
Usually the Indian’s Domestic Consumer Demand is the factor which drives the prices of Gold up. But this time, it is not so. According to Bullion Traders said that, firm Gold price, which is the combine result of dollar’s weakness and rising crude prices, is the main reason for the latest run-up.
In fact, the surging prices have reduced demand for gold jewellery drastically in spite of forthcoming marriage season.
Gold imports in India fell by 50% in June 2009 against the same period of the past year.
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