Gold futures hover near Rs 16,000 in India

February 24, 2009

Commodity Online
NEW DELHI : Gold prices yet again surged near the psychological Rs 16,000 per ten grams mark in futures trade Tuesday as traders increased their exposure in the precious metal following melting stock and forex markets.

MCX April gold contract was 0.37 percent lower at Rs 15,829 rupees per 10 grams at 1:40 p.m. on profit-taking, after hitting a record high of 16,040 last week.

Easiest way to get Futures prices of MCX & NCDEX

But a weaker rupee limited the downside. The rupee impacts gold prices as most of the metal is imported in India and paid for in dollar

However analysts are still bullish in the short-term on A contracting U.S. economy and expectations of a weak rupee.

The metal, which had been on a record-setting spree for the last week, spurted to an all-time high of Rs 16,349 on the MCX as funds preferred to park their funds in gold amid deepening global recession.

To buy Hallmarked 999.9 Pure Swiss Gold Bars, Gold Bullion, Gold Ingots & 916 Gold Coins in Singapore or convert your 916 Physical Gold to physical 999.9 Pure Swiss Gold Bars, Click on Buy Gold to find out more. You may Sell Gold to us too.

[ Back To Home ]