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Gold price to double this season

Mon, Feb 08, 2016, 04:32 PM
Commodities watchers are giving a lot of premium to gold. February is the month when budgets are made and economists think on possibilities. So, since oil price is coming down, something has to go up and that is god.

Prices of the yellow metal have been rising steadily in the global markets. On Friday, spot gold hit its highest since October 28, 2015, at $1,174.50 an ounce. In India, gold prices hit a nine-month high of Rs. 27,700 per 10 grams last week.

Economists see gold prices bright for the market going up to $2000 an ounce or Rs.50,000 for 10 grams. The same will then be bleak for the public on the eve of the summer marriage season. If the gold prices go up, then the menace of gold smuggling will start all over again.

The government and security agencies need to work out a plan as so many commodities are contraband. Gold, narcotics, fake currency and hawala are on the smugglers' list. Hence the budget to be presented on the last day of the month should take all these into account and enforce economic steps to prevent contraband coming into the country.
Agency: Ap7am Desk

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