During Tuesday afternoon, India gold futures experienced a roll down to their lowest levels, in a week, subsequent to overseas trends along with fears about possibilities of a promising credit rating downgrade for euro zone countries.
Further, it has been reported that the extremely active gold entitled for delivery in February on the Multi Commodity Exchange was observed at 0.54% lower position touching 28,890 rupees for every 10 grams. The huge fluctuation is believed to have strong influence from a previous deviation hitting 28,763 rupees.
Besides gold, silver was also observed experiencing severe downfall from the peak level, especially during the last three weeks following gold. In addition, the most-active silver for March delivery on the MCX platform was observed at a significant lower level with a downfall of 0.78% at 56,397 rupees per kg, a significant deviation as compared to previous figures.
“If gold demand is like this now, I shudder to think what they will be in January" after the peak wedding season that last until the middle of the monthâ€, explained a Director at Parker Bullion, from the western city of Ahmedabad, Vasu Acharya, while emphasing that the demand is highly slack, especially in comparison with the previous year figures. During the festival season, gold price were making hay at 26,500 rupees to 27,000 rupees per 10 grams. The particular period is already known for a noteworthy hike in the number of gold buyers.
While commenting on the rapidly changing market scenario, the Director of DKTM Jewelers, T. K. Chandran suggested that a majority of people who are willing to buy gold jewelry these days can exchange their old family gold.
