Sunday, November 22, 2009

Gold Continue's to glitter in indian Market


Continuing the record setting spree, gold hit yet another high of Rs 17,605 per 10 gram for April contract in the futures market today.

All the three running contracts -- December, February and April -- were trading at new highs.

At the MCX counter, gold for far-month April contract rose by Rs 138 or 0.79% to hit a new record high of Rs 17,605 per 10 gram with a business turnover of 13 lots.

The yellow metal for delivery in February month contract also traded higher by Rs 124 or 0.68% at Rs 17,571 per 10 gram in a turnover of 250 lots, while December month contract gained Rs 110 or 0.56% at Rs 17,499 per 10 gram, in a turnover of 1,173 lots.

Meanwhile, gold spot in Asia touched a record high of $1,162.22 per ounce, up one% in early trade supported by continued weakness in the US currency, raising the metal's appeal as an alternative investment.

"Gold prices globally have been mainly influenced by the weaker US dollar and recent central bank purchases of the precious metal", said an analyst.

Market analysts said the trading sentiment in the domestic futures market got a boost after the precious metal surged to a record high in Asian trade.

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