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Will gold be able to breach its recent highs in this calendar year?

Created by : Jyoti Rath, Sr. Associate, Barclays  | 03 24 2010 12:02:45 +0000
Industry : Equity Research/AnalyticsFunctional Area : Equities(Markets)
Keywords : gold gold prices calendar year falling down
Activity:  179 views;  last activity : 07 06 2010 20:18:09 +0000

The gold prices has continued its downward spiral and has fallen down by Rs 55 to Rs 16,410 per ten grams at the bullion market here today on persistent selling by traders and stockists amidst subdued global cues. Silver also eased on lower industrial support. Standard gold (99.5 purity) declined by Rs 55 per ten grams to end at Rs 16,410 from Monday''s closing level of Rs 16,465.

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Pure gold (99.9 purity) also fell by Rs 60 per ten grams to close at Rs 16,495 as against Rs 16,555 previously. Silver ready (.999 fineness) softened to Rs 26,915 per kilo from Rs 26,920 yesterday. In New York, gold futures for April delivery down by USD 8.10 to USD 1,099.50 an ounce on the Comex division of the NYMEX. Gold for May delivery also lost by a similar margin to settle at USD 1,100.10 an ounce. Silver for May delivery fell by 10 cents to USD 16.93 an ounce.

So users, will gold be able to breach its recent highs in this calendar year?

  
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Top Argument
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Gold will sure go up in 2010, at present it is in correction mode, please wait for long positions. Let this week pass and you will see Gold settled then you can go for long.
By R.K.MALHOTRA , Investment Advisor, WORKING FREELANCE  03 24 2010 12:31:39 +0000
 
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There is a chance that gold prices will not breach its recent highs. The news from U.S is encouraging though at smaller extent but still positive one. But we need to wait for few more weeks to get clear picture.
By kiranksrs , B.Tech/MBA professional with 3+ yrs of exp in Marketing, Project Management , Vendor management domain  03 24 2010 12:47:34 +0000
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Precious metal are strong in present year, base metal can weak n more volatile.....
By Vipin Bhasin, Private Equity/Hedge Fund/VC-Manager, Indian Investment Co.  | 06 06 2010 18:06:27 +0000
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It may not reach new highs in 2010. But there is a remote chance with Europe failing due to Greece and Portugal.
By Prasad PN, Consultant, Trainer  | 03 25 2010 19:48:39 +0000
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The market trend has been that Gold lways able to sustain itself above inflaton so I beleive that this year also it will move up to create new height in its rates for the year 2010. 


By srinivas , Head HR, IMNC  | 03 25 2010 18:24:04 +0000
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Logically gold should go higher due to excessive currency printing of all govt w/o underlying gold. But logic does not work...when US collapsed world collapsed and dollar went up instead of going down....
By Rajaram Khanolkar, Business Manager - East Africa (Nokia), Redington Africa  | 03 25 2010 13:38:44 +0000
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Gold prices are down almost in every market these days and by seeing its rate of falling down, it is hard to say whether it will recover very soon or not. In my opinion, gold won't be able to breach its recent highs in this calendar year.
By Jyoti Rath, Sr. Associate, Barclays  | 03 24 2010 12:10:49 +0000
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