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Thursday, September 26, 2013
Demand from India can push gold prices higher: Emkay
26 September, 2013: U.S. Comex gold futures for October delivery settled up at USD 1,335.9 an ounce. Gold prices rose as uncertainty over US budget talks boosted gold's safe haven appeal. Fears of a government shutdown escalated as disagreement amongst lawmakers continued over funding Obama healthcare program as a condition to raise the debt ceiling.
The IMF report showing 8 central banks added to their gold reserves also supported gold prices. The U.S. Treasury Secretary has warned theCongress of running out of funds and defaulting on its payments if no action is taken before October 17.
Commenting on the gold outlook, Emkay Commodity Research said, ''Indian customs cleared imported gold lying at the airports which could restart imports soon from India. Gold prices are expected to move up as uncertainty regarding US fiscal issue and a pickup in demand from India can push prices higher.''