gold price dipped to a new low of Rs 1119 per gram [22 ct ornamental on Tuesday tiggering a big rush at the show rooms of city jewellers who have been handling record transactions these last few days as the precious metal saw a downslide due to shift in investment prefernces in london market.
gold futures were down on the Mulity-Commodity Exchange as prices dropped to their lowest in seven weeks which some bullion analysts attributed to weaker crude oil and the rising dollar overseas. some reports suggested that the gold would slip further.
However, Mr L.K.S. Syed Ahamed, chief advisor, Tamil Nadu jewellers' federation, insists that the price drop ''is only temporary'' and the yellow metal would soon climb. ''There is a strong feeling that if the US wages war or some disturbance happens in the middle east with reference to Iran, gold price will hit the sky. Now is the best time to buy'', he told this newspaper. According to Mr Ahamed, gold price dropped after the investors in the London market switched to commodities, other than oil hoping to reap quick profits from the expected boost in the commodities market.
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