The precious metal lost $7.12 per 10 grams on sustained selling from the domestic market. Traders said gold prices declined to levels last seen on November 3, given the gloom scenario in the global markets. Most jewellers have also been reporting reduced demand from consumers at the prevailing prices.
In the Ahmedabad bullion market, standard gold slipped by $26.27, while in Chennai in the South, standard gold was down by $8.16. In Mumbai, traders said gold was down $3.42 and retailing at $547.33 in the early hours of December 16. However, later in the day, gold slipped past the all crucial mark in Mumbai.
In the global markets, the scenario was not any different. The price in the global markets normally sets the price trend on the domestic front and gold fell by $5.90 to $1,570.60 an ounce in New York last night.
If the volatility is less in 2012, we will see good demand for gold. After the euro crisis and the U.S. downgrade, people are largely looking towards gold rather than equities and real estate.
Normally what we'd see is gold to steadily build but what we're seeing is it drop when risk aversion kicks in and pick up again when people are willing to go into risky situations Read bullish factors for gold prices in 2012
India, the world’s largest consumer of gold, has problems of their own. According to a new report, India’s industrial production decreased in October for the first time in over two years. Output at factories, utilities and mines decreased 5.1% from last year. It was the first decline since 2009 and below the median estimate of a 0.7% drop in a Bloomberg News survey of 24 economists.
India’s inflation rate has held above 9% for every month this year. However, once inflation weakens, many expect more monetary easing from India’s central bank. “The only policy authority that we are going to see responding to boost growth will be the central bank,” Robert Prior-Wandesforde, a Singapore-based economist at Credit Suisse Group AG, said before the report. “Once the RBI is content with inflation and is sufficiently worried about growth, we will see it cut interest rates.”
The price of gold has risen 22% over the course of the year to record heights, and some experts believe the price will continue to rise to 2012. One analyst predicts gold will jump as high as $2,200 an ounce in coming months, and that this will bold well for gold investors who buy the metal as well as gold exchange-traded funds. A few gold stocks worth watching include Alamo Gold Inc., Eldorado Gold Crop. and The Tocqueville Gold Fund as mining firms see more cash flow from the rise of gold prices.
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