The latest gold and silver price forecast report released by Mitsubishi Materials Corporation- one of the world’s largest materials companies warns that the sell-off in gold is likely to continue amid expectations surrounding a possible US interest rate hike. Meantime, spot Silver prices could drop to as low as $10 per Oz, hitting multi-year lows.
Over the next few years as debt, currencies and countries start to fall apart, individuals will be looking to place their money where it will hold its value and buying power during times of extreme uncertainty.
The Indian gold jewelry exports plunged by over 38% year-on-year to $665.74 million (Rs. 4,157.57 Crore) in March 2015 while the country’s silver jewelry exports more than tripled year-on-year to $ 340.05 million (Rs. 2,123.62 Crore).
The Gems and Jewelry Export Promotion Council (GJEPC) has released the details of imports of raw materials for gems and jewellery for the month of March this year. According to data, the gold bar imports by the country during the month witnessed a huge decline of over 51% over the previous year.