After the announcement of the US job claim figures which were nil, gold rallied up to the top of its bull market phase again and settled high. On a weekly settlement basis, this close was a record.
At the Multi Commodity Exchange, gold for delivery in October opened at Rs 27,818 per 10 grams and was trading in the range of Rs 28,030 – Rs 28,033 per 10 grams around 12:20 pm IST.
Similarly, the metal for April contract delivery opened at Rs 28,489 and and was trading in the range of Rs 28,567 – Rs 28,596 per 10 grams.
Market analysts says the weakening trend in the global market and continuing strong investor interest, gold prices are likely to set new highs in futures trade further.
On the flip side, central banks continue to be net buyers of gold.