New Delhi, Jan 21: Gold prices, that crashed by 28 % in 2013, are expected to touch a high of Rs.33,000 ($532) per 10 grams this year, a bullion market operator said.
Riddhi Siddhi Bullions restricted (RSBL) managing director Prithviraj Kothari said the average price of gold within the current year is predicted to be around Rs.28,000 per 10 gram.
According to Kothari, gold could slip to a coffee of Rs.25,000 per 10 gram in 2014.
“The average base value for gold in 2014 is expected to be $1375 an ounce. in the domestic market gold is predicted to move in a vary of Rs.25,000 to Rs.33,000 per 10 gram and the average base value for the same is predicted to be around Rs.28,000,” he said.
He said the average base price for silver is predicted to be around $2,500 per kg, whereas the typical base value for silver within the domestic market is predicted to be around Rs.45,000 per kg.
Trade vary for silver is predicted to be Rs.37,000 to Rs.55,000 per kg, he said.
Kothari-led firm RSBL deals in bullion, specialising in bars and coins of varied precious metals like gold, silver and platinum.
Ending a 12-year of bull run, gold value slouched by twenty eight p.c in 2013, the sharpest annual decline since 1981.
Gold demands in India remained subdued owing to a series of measures taken by the govt and the central bank to discourage investments in gold, in a bid to regulate the present account deficit, that rose to a record nearly $88 billion in 2012-13.
The current account deficit is predicted to decline below $50 billion in the current year ending March 31.
Kothari found out that gold has witnessed a significant bear market since reaching a record high at $1,910 an ounce in 2011.
Some say the no. ’13’, thought-about unlucky by several, has proved to be inauspicious for gold too, he remarked.
“But over the years, gold has always enjoyed the standing of shelter quality. History of Gold equals to an object that has always been used as a hedge against inflation. At any purpose in time, gold is proportional to a store of wealth which will be used for financial functions,” he added.
Referring to services offered by his company, Kothari said: “The preference for accumulating gold is a implanted Indian trait where gold is symbol of trust and our services are designed to cater to it trust.”
Founded in 1994, RSBL holds the largest style of bullions and coins across India.
RSBL recently launched a symbol on its spot exchange system to deliver .916 purity gold bangles or chains, roughly 1 kg in weight. ‘RSBL SPOT’ offers innovative and lucrative offerings that not only embrace bullion, however conjointly jewellery.
The electronic over-the-counter (OTC) bullion trading system boasts of clear benchmark rating and has quite 3,000 online clients and diverse delivery centres across India.
Kothari elaborated: “Over-the-counter bullion trading is one among the foremost well-liked investment tools within the global financial market. If you wish to speculate in bullion, you’ll like better to invest in unlisted Bullion trading while not paying full quantity of the contract price. you’ll resultively seize opportunities with the investment effect.”