NEW DELHI:
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.
Showing posts with label Gold. Show all posts
Showing posts with label Gold. Show all posts
Sunday, November 22, 2009
Monday, November 16, 2009
Gold reaches to Rs 17100 / 10 grm
NEW DELHI:
Gold prices surged by Rs 100 to Rs 17,100 per ten gram in the bullion market here on Monday on sustained buying by stockists and jewellers to meet the marriage season demand and as investors increasingly are moving funds from the dollar into higher-yielding assets.
However, silver held steady in restricted buying at existing higher levels.
The latest price of the precious metal is just a little lower than the all-time high of Rs 17,150. Marketmen said stockists and jewellers continued to enlarge their positions to meet the current marriage season demand amid a rising trend in overseas market.
Trading sentiment remained bullish after gold climbed to an all-time high in overseas market supported by a weakening dollar. The gold in overseas markets rose by 1.1 per cent to 1,130.43 dollar an ounce.
Gold in domestic market has been on a steady advance after the Reserve Bank of India bought 200 tonnes of the precious metal from the International Monetary Fund last month, underlining a strategy of reserve diversification and strong demand for the precious metal.
Analysts said they expected central banks to emerge as net gold buyers for 2009. The yellow metal broke 1,100 dollars an ounce for the first time earlier this month following news that Sri Lanka had joined India in purchasing gold instead of the US currency.
Gold prices surged by Rs 100 to Rs 17,100 per ten gram in the bullion market here on Monday on sustained buying by stockists and jewellers to meet the marriage season demand and as investors increasingly are moving funds from the dollar into higher-yielding assets.
However, silver held steady in restricted buying at existing higher levels.
The latest price of the precious metal is just a little lower than the all-time high of Rs 17,150. Marketmen said stockists and jewellers continued to enlarge their positions to meet the current marriage season demand amid a rising trend in overseas market.
Trading sentiment remained bullish after gold climbed to an all-time high in overseas market supported by a weakening dollar. The gold in overseas markets rose by 1.1 per cent to 1,130.43 dollar an ounce.
Gold in domestic market has been on a steady advance after the Reserve Bank of India bought 200 tonnes of the precious metal from the International Monetary Fund last month, underlining a strategy of reserve diversification and strong demand for the precious metal.
Analysts said they expected central banks to emerge as net gold buyers for 2009. The yellow metal broke 1,100 dollars an ounce for the first time earlier this month following news that Sri Lanka had joined India in purchasing gold instead of the US currency.
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