Gold is currently moving in a range of $1,050 - $1,200 per ounce.
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Mumbai: The price of gold has inched higher for the third consecutive day following the escalation of sectarian conflict in the Middle East, but bullion experts are not too convinced with the sustainability of the latest rally in the yellow metal.
Apart from the current crisis in Middle East, experts feel that there are no other major factors to push the prices of gold higher in the coming days. “The yellow metal is considered as a safe haven during uncertain economic scenario. Barring the crisis in the Arab world, there are no additional factors that could trigger a rally in gold prices. The US economy is on a growth path, which has led to gold losing its appeal as a safe heaven asset,” said Karan Vasa, associate vice-president, Riddhi Siddhi Bullion. The gold is currently moving in a range of $1,050 - $1,200 per ounce.
“Unless and until gold prices breach $1,200 per ounce in the international market in a convincing manner, the prices are expected to move in the current range,” he added. On Wednesday, gold was trading at $1,085 per ounce globally, while it rose to Rs 25,360 per 10 gram in Mumbai.
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( Source : deccan chronicle )
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