Gold Futures Hits New High on Global Cues

by khalid on 07/09/2011 · 1 comment

On Monday Gold Hit a new high of Rs 29,091 amongst global clues. The prices of Gold Futures closed at 28,288 for 10 gms. As fresh buying took place form the speculators and Gold prices were up by Rs 499 from its last close. It shows a firm global trend in its prices.

 The trading sentiment of investors turned better as gold gained in the London market against concerns about slowing down of economic growth. The demand for this metal rose on woes of Europe debt crisis and people investing in gold as an alternative option.

In Multi Commodity Exchange the October delivery prices of gold rose by 1.8 % or 499 points to close at Rs 28,288/ 10 gms.  The total turnover was of 32454 lots. For December delivery the precious metal prices rose by 473 rupees or 1.68 % to close at 28,553/ 10 gms with a trading business volume of 2042 lots.

 The market analyst attributed that the skyrocketing future prices of gold will have a firming trend globally as there has been renewed fears on euro zone debt  crisis and also concerns about global economic growth.

 In the London markets the spot gold prices rose up by USD 10.75 to close at USD 1,893.63 an ounce inching towards its all time high of USD 1913.50/ounce.It hit this high on 23 August 2011.

Bell the bull says: that this precious yellow metal which is considered to be a safe haven for investment has led to be more attractive in the eyes of the investors.

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