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Gold price may hit Rs 25,000 by Diwali: Analysts

This article was posted on Jul 10, 2011 and is filed under Market News

Gold prices are likely to hit Rs 25,000 per 10 grams by this Diwali due to rise in demand for the yellow metal as a better investment alternative, analysts said.

The European Union’s economic crisis and sluggish market recovery in US is leading to increased investments in silver also, which could see the prices of the metal touching Rs 65,000 per kg by Diwali season in October, they said.

Gold prices are currently ruling around Rs 22,450 per 10 gram, while silver is selling at around Rs 54,700 per kg.

“The recovery in US markets is not on expected grounds as the country’s unemployment rate was higher in June compared to May this year adding to the uncertainty over the pace of the economic recovery,” Emkay Global Financial Services, a commodity brokerage firm said. For more visit: Business Standard

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