India, Gulf demand to put gold in $870 range: GFMS

Posted : June 10 2009

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LONDON: Global metals and bullion consultancy GFMS says gold price is currently staying at higher levels thanks to the physical buying of the yellow metal by India and the Middle East countries. GFMS predicted that gold prices will come down to the $800-plus levels soon.

“Currently as I see it, gold price will remain (come down) around at $870-880. Gold price can not stay in the $900-$1000 range for long,” GFMS chief executive Paul Walker told reporters at a news conference in Tokyo.

The latest GFMS prediction gives gold a lower price band as the consultancy had said in April that the yellow metal price would re-attain the $1000 mark in the coming months and even break the $1,100 barrier.

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