Gold may hit $1,330/oz on strong demand

New York (Jan 24)  This quarter, gold prices could rise five per cent to $1,330/oz, owing to strong physical buying and robust fabrication demand, a Thomson Reuters GFMS study has said.

“It is possible for gold to touch $1,330 an oz before the current quarter is over. The gold market has not regained the sparkle of 2008-late 2011, and is not expected to do so this year, too,” the study said.

Currently, the commodity is being traded at $1,260 an oz in the London spot market, and at about Rs 30,000/10g in India. Given the 10 per cent import duty and $120/oz premium, the price in Indian market is at least Rs 1,300 higher for every 10g.