Sunil Kashyap, MD, Scotia Mocatta feels despite the sell-off seen there is still physical demand for gold especially from India, China which is supporting the prices and so the fall wasn't dramatic.
Silver, which has fallen 30 percent in 2013, was down four percent at USD 21.32 an ounce after touching USD 20.84 at one point - its lowest since September 2010.
Global gold prices are likely to consolidate in the range of USD 1,640-USD1,700 an ounce until October, with an upside bias, Sunil Kashyap, managing director and head of Asia Pacific and Middle East at ScotiaMocatta, told reporters on Friday.
Silver imports into India, the biggest consumer of the white metal, are likely to decline up to 27% this year on expectations of volatile prices, despite import duty remaining unchanged, the head of the country's biggest bullion importer said on Monday.
Sunil Kashyap, managing director of Scotia Mocatta said gold will go up to USD 1800 per ounce if the economic turmoil continues.
Gold has been the asset class closest to the Indian investor's heart. It is not just the retail investor who is pouncing on gold ETFs, add banks corporate houses and institution and overall assets under management (AUM) has risen a whopping 54% over the last 6 months and why not?