Gold may hit $3,500/ounce in next 18 months

Domestic industry does not see substantial upside as retail demand for yellow metal is waning due to high prices

- BENN KOCHUVEEDAN @ Mumbai

EVEN as many foreign analysts see gold prices scaling past the $3,500/ounce mark in next 18 months, the domestic industry doesn't see the yellow metal, which has already gained more than 20% so far this year, can scale that height.

Foreign analysts see the metal hitting a peak of $3200-3,300/ounce in the global markets this year. On the Chicago Mercantile Exchange, gold was trading at $3,161, a new peak at 1900 hours on Wednesday, while domestic prices peaked at ₹9,356/gram for 24 carats. The Wednesday's rally was due to 25% reciprocal import duties on all goods reaching the US shores comes into effect on Wednesday.