02 February,2009 04:19 PM IST | | PTI
Gold prices are expected to touch a record high of Rs 16,000 per 10 gram in the next three months driven by uncertainty in the global financial markets and currency movements, say jewellery retailers and analysts.
Gold prices shot up by 20 per cent to Rs 14,175 per 10 gram on today compared to Rs 11,720 per 10 gram in the year-ago period.
Major jewellery manufacturers and retailers such as Geetanjali Gems Ltd and P P Jewellers and some analysts see the much possibility of gold prices touching Rs 16,000 per 10 gram by April, this year.
"Currently, gold prices are extremely volatile. Within a week or so, prices would hover in the horizon of Rs 15,000 per 10 gram level. It may not be a surprise to see gold prices at Rs 16,000 per ten gram in the next three months," the Chairman of Gitanjali Group, Mehul Choksi, said.
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Uncertainty in the global financial market and the rupee movement will be key drivers for gold prices, he said, adding that currently, there has not been a significant fall in demand in his stores due to price rise.
A similar projection was made by Chandni Chowk Jewellers Association, which sees a bullish price trend up to Rs 16,000 per 10 gram in the coming months.
