Gold prices are likely shine further in the range of Rs 30,500 to Rs 33,500 per 10 grams in the backdrop of global political and financial risks, according to a study by Associated Chambers of Commerce of India (Assocham). The 24 carat purity current prices are at Rs. 31,000 – 31,500 in major Indian cities, whilst festive demand seems to be picking up, it said.
The festive demand will get an additional push from the wedding season, which contributes the consumption of gold in India. The upside in the short-term of a few months is seen between Rs. 1500 – 2000, even as the downside could be limited to Rs. 1000 to 2000 per 10 grams, it said.