Gold to touch Rs 24,000/10 grams by year-end: Hem Sec

Sunil Matkar

Moneycontrol.com

Indian gold futures declined on the back of fall in overseas markets and rise in rupee post Barack Obama's announcement of raising US debt ceiling.

At 5:29 hours IST, August gold was trading 0.5% lower at Rs 23,050 per 10 grams on the Multi Commodity Exchange (MCX), after hitting a low of Rs 22,965 in early trade. Spot gold in international market slipped USD 7.5 to USD 1,619.70, an ounce after hitting a low of USD 1610.90/ounce.

However, experts feel that gold price is unlikely to slip much. Not expecting major correction in gold, Kaushal Jaini of Dani Commodities suggests buying gold only if it slips 5-6%. According to Jaini, gold may test Rs 23700 per 10 grams in a year