Gold futures to hover around Rs 27,000

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Gold futures to hover around Rs 27,000
The outlook for Gold looks bit foggy today as investors finding grass greener on the other side. Stocks took a turnaround in early morning trade after falling deep last week as US Fed Chairman Ben Bernanke expressed positive prospect for the US economy.

Federal Reserve Chairman Ben Bernanke said in a speech the US economy is not that crumbled enough to need immediate stimulus. He further said that our economy is headed for long-term economic growth.

Bernanke said he expects growth to pick up in the second half. Should signs fail to materialize soon, the Feds Open Market Committee will consider additional policy tools at its September 20-21 meeting.

The most traded commodity gold for October delivery on MCX opened at Rs 27,398 per 10 grams, which was the intra-day high itself. It was trading between Rs 27,145 – Rs 27,149 per 10 grams around 11:04 am IST.

Gold for delivery in far-month April opened high at Rs 27,998 per 10 grams. It was trading in the range of Rs 27,930 – Rs 27,966 per 10 grams same time.

Long term outlook for gold seems still bullish and analysts are upbeat that gold could touch Rs 30,000 per 10 grams within two months, when the festive season in India would trigger gold purchase.

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