Gold likely to hold steady in 2013 with improved growth, say expe

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Gold likely to hold steady in 2013 with improved growth, say experts

Mumbai: Gold is likely to hold steady-to-firm in 2013 and could reach Rs 33,000-level as economic growth prospects improve and certain international factors push up the commodity’s price, market experts have said.

In the long term, gold looks firm with most central banks pushing liquidity into the markets and increasing their loading of the yellow metal, Kotak Commodity Services analyst Madhavi Mehta said.

The central banks of Brazil and Russia are reportedly planning to increase their gold holding next year, she said.

“We expect gold to rule at Rs 28,000-33,000 level in the domestic market in 2013. However, stabilising rupee, which may come to 50 level, and fiscal cliff concerns may act bearish for gold,” she said.

Expectations of the economy improving and foreign institutional investors (FIIs) providing momentum in equity markets are also likely to support gold, she said.

Globally, the yellow metal may rule at $1,550-1,850 an ounce (31.10 grams) level, she said.

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