It was all glitter for the gold market in 2016, at least as far as price was concerned.
“Gold prices went up by 15-20 per cent on an average throughout the year. Overall price wise it was a good year, but demand was subdued. After around four years we have seen a good price,” Director, All Indian Gems and Jewellery Trade Federation, Bachhraj Bamalwa told IANS.
On Friday, the final trading session of the year, gold’s price was hovering around Rs 28,200 per 10 grams for 24 carats, up 8 per cent compared to December 30, 2015 price of Rs 26,000.
However, the price has dropped around 11 per cent since November, said Bamalwa.
He attributed three main reasons to it – the US elections result, interest rate hike by US Federal Reserve and the demonetization drive that India is going through.