India gold futures continue to trade higher

March 02, 2009

Commodity Online
NEW DELHI : Gold prices advanced near its record achieved last week in futures trading on Monday on fresh buying by traders in line with a firming global trend.

On the Multi Commodity Exchange, gold for the most-active June-month contract rose to Rs 16,040 per 10 gram in early trade with trading volume of 347 lots.

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A similar firming trend was extended to the April-month contract, which climbed by 1.95 per cent to Rs 15,807 with trading of 4,820 lots.

The contract had struck its all-time high of 16,040 rupees on Feb. 20.

A weaker rupee makes the imported yellow metal expensive. The Indian rupee dropped to record lows on Monday as weak Asian stock markets heightened fears of capital outflows and analysts said it was likely to weaken more in the near term

Experts said fresh buying by traders and speculators amid reports of firming trend in the overseas market mainly led to the rise in gold prices.

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