Gold falls from record level on scrap selling, global cues
New Delhi: Gold prices fell from record level by losing Rs 100 to Rs 19,370 per ten grams in the national capital today on emergence of scrap gold jewellery selling amid weakening global trend.
Gold falls from record level on scrap selling, global cues
Trading sentiment dampened as some retail customers preferred to sell old scraped gold jewellery at existing higher levels amid reports of a marginal fall in global markets.
Retail customers postponed their decision to buy new jewellery for the festival and marriage season at such high levels, which also kept precious metals in negative zone.
Investors shifting their funds from bullion to rising equity markets further fuelled the down-trend. The stocks markets across the globe remained bullish, buoyed by greater confidence in the US and Europe.
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The linkage between the equity market and the precious metal is well known and my take on the prospect of gold is that it is a temporary lull before it continues its upward journey.
Why do you endanger your marital matters by linking to the price of the gold.The golden chapter of life should be free from the tensions of price of the gold!!!
For most of the banks, gold is still an important and reliable reserve asset. Past trend shows, particularly if we follow the last twenty years record, gold has always given a steady, safe and good return in the long run.
Gold acts as a buffer when the market fluctuates, prices of the stocks and equity market fall. For centuries, gold has been considered as a highly precious metal and a valuable asset, which remains unaffected even during inflation, war, etc.
It has been seen that gold is the only asset whose value is always assured even during global economic doldrums. Global financial crisis does not affect the increase in price of gold. It is a safe haven for all kinds of investors.
The demand for gold is already exceeding the supply. Most of the gold mining companies have curtailed their gold production for the past few years. However, the demand for gold is ever increasing. Consequently, gold is becoming the automatic choice for preservation of wealth for the investors around the world.
