Gold price likely to touch Rs 18,000 per 10 grams in 6-months
Gold prices are expected to touch Rs 17,000-Rs 18,000 per 10 grams in the next six months, a top industry player said.business Updated: Oct 08, 2009 21:25 IST
Gold prices are expected to touch Rs 17,000-Rs 18,000 per 10 grams in the next six months, a top industry player said.
"I believe gold prices will go up. The oil price will start going up which will push up gold prices. Inflation is expected to go up and likely hardening of the US dollar will push up gold prices," Gitanjali Gems Managing Director Mehul Choksi told reporters on the sidelines of a press meet here.
In the domestic market, gold prices are currently hovering close to Rs 16,000 per 10 gram, while it is ruling at $1,200 per ounce overseas.
Gold prices may touch Rs 17,000-18,000 per 10 grams in the next six months, Choksi said.
He said, "We have to push marriage season strongly, which is starting early in November."
The company is now looking at entering Nepal, Bangladesh, Pakistan, Dubai, the UK and US markets in a big way, Choksi said, adding that it is also planning to enter the Chinese market but in a different vertical and not in branded jewellery.