However the Indian currency Rupee has strengthened during last 4 days ( due to large Coal India IPO which is bringing in a lot of foreign money rising the demand for Rupee thus strengthening this currency). Due to this strengthening of Rupee, further price increases in Gold measured in Rupees is getting hit or suppressed. Hence only if Rupee weakens after few days or few weeks because of noisy demand from exporters (Infosys, leading IT exporter is already crying that the strengthening of Rupee is hitting its profits and saying that strong Rupee will kill exports). We will continue to hear more such noise from exporters.
Like I have written before, every time Rupee strengthens, the exporters like Technology companies and Textile companies will start crying and make noises. Immediately the Reserve Bank of India will intervene and weaken the Rupee again. This cycling will continue.
So one point is clear. Rupee or for that matter no Asian Currency will strengthen. All Asian governments have only task, weaken their respective currencies and encourage exports to save jobs.
So given this fact, there is only one way route for Gold to go up and up.
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