With
the beginning of 2013, gold prices fluctuations was seen between the bulls and
bears. After seeing a level of Rs 24,830 in the month of June 2013, the yellow
metal clocked a life-time time high of Rs 34,997 in August 2013. On Thursday, the
metal ended at Rs 30,249.0 on MCX.
Nearby
70 percent of India's gold stock is held in rural India. Gold stock in India is
estimated to be around 20,000 tonnes on the lower side and about 40,000 tonnes
on the higher side.
During
this year 2013, in dollar terms gold prices are down by around 21 percent,
while in the Indian markets, the yellow metal has slumped only around 3
percent.
The
currency's depreciation has played a key role in preventing sharp losses in
commodity prices in the Indian markets. Over the year, the domestic currency
has depreciated more than 12 percent and this sharp weakness has come in as a
supportive factor to prices.
For regular updates on Mcx and Commodity
market you can visit us at www.capitalheight.com
.
Gold steadied on Friday as the dollar slipped versus a currency basket despite fears over looming China-U.S. trade tariffs, and as investors turned their attention to U.S. payrolls data due later.
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