If or when Oil gets to 90, with a Gold/Oil ratio of around 7.6, then if its maintained, would reach 680.
The ratio, fluctuates alot due to Oil being just one of many inputs into Gold price, has been down to around 6.4, so Gold would be 580.
Technically, alot of support before the big move away from approx supply/demand balance last year from mid 600s, it looks likely to hit there before any rally.
Yes, has been a fair amount of physical Gold uptake in India, but not enough and too late. There are hundreds of tonnes of physical that some organisations don't want. Big backlog.
