By Kitco News
Wednesday August 28, 2013 1:47 PM
(Kitco News) - Gold hit an all-time high against the Indian rupee Wednesday and analysts are expecting that the higher prices could have an impact on demand in the near-term.
Gold, priced in rupees, hit a record of Rs 33,265 per 10 grams. According to analysts, the biggest factor behind gold’s localized rise is that the Indian currency slid to a new all-time low of Rs 69.22 against the U.S. dollar on the same day.
Paolo Lostritto, director, equity research analyst, metals and mining with National Bank Financial said that consumers throughout India have been hoarding gold the last few months in anticipation and fear that the country’s currency would be devalued.
“Even though their cost of buying gold has gone up by 10%, on a net basis, because their currency has fallen so much, they are still up,” he said. “It has actually reinforced people’s thinking and psychology towards gold.”
However, Lostritto added that moving forward he doesn’t see demand as strong as the price is no longer the bargain it was just a few months ago. Looking at the international market, Lostritto said he is starting to see some short-term equilibrium between the price and demand.
Wednesday August 28, 2013 1:47 PM
(Kitco News) - Gold hit an all-time high against the Indian rupee Wednesday and analysts are expecting that the higher prices could have an impact on demand in the near-term.
Gold, priced in rupees, hit a record of Rs 33,265 per 10 grams. According to analysts, the biggest factor behind gold’s localized rise is that the Indian currency slid to a new all-time low of Rs 69.22 against the U.S. dollar on the same day.
Paolo Lostritto, director, equity research analyst, metals and mining with National Bank Financial said that consumers throughout India have been hoarding gold the last few months in anticipation and fear that the country’s currency would be devalued.
“Even though their cost of buying gold has gone up by 10%, on a net basis, because their currency has fallen so much, they are still up,” he said. “It has actually reinforced people’s thinking and psychology towards gold.”
However, Lostritto added that moving forward he doesn’t see demand as strong as the price is no longer the bargain it was just a few months ago. Looking at the international market, Lostritto said he is starting to see some short-term equilibrium between the price and demand.
Source:
http://www.kitco.com/news/2013-08-28/KitcoNews20130828NC-Gold-Hits-All-Time-High-Against-Rupee-Curbing-Demand-Say-Analysts.html
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