Last Updated :
28 December 2008 at 10:10 IST
Gold prices on revenge and retaliatory mood
Commodity OnlineMUMBAI : Revenge seems to be the key word for gold prices to rise. While India is seen taking revenge on Pakistan on its alleged role in Mumbai attacks, the Palestinians are keen on taking revenge on Israel after its attack post cease-fire in Gaza Strip.
And these political tensions may just help gold prices as investors are relying more and more on Gold and the commodity has proved to be the sole bread earner and safe investment in the year 2008. Even the ever-dependable crude could not help the investors as it is faring badly even now.
All other investment vehicles have given negative returns while gold is, in all probability, expected to reach $930 per oz by mid January 2009. In India, the political tension and an impending war situation has only made rupee weaker which will impact the gold prices in the largest gold consuming region in the world.
In addition, the bad omen for weddings will be over in less than 15 days and gold buying will begin soon not only on account of marriages but also due to festive occasions which will put the demand of gold on a high pedestal – raking up the prices.
So as the mood of retaliatory attacks and revenge scenarios emerge, the gold investors will laugh all the way to the bank – welcoming the New Year with much more cheers.
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