Gold rises due to global cues

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Gold rises due to global cues
Gold futures rose at the Multi Commodity Exchange (MCX) as a result of the strong global trend which boosted the appeal of gold as an alternative investment.

Gold futures for October 2011 contract, at MCX, was trading at Rs. 26,162 per 10 grams, up by 0.50% after opening at Rs. 26,226 against the previous closing price of Rs. 26,031. It touched the intra-day high of Rs. 26,265 till the trading. (At 10.32 AM today).

The total above ground stocks of gold is estimated to be around 1,63,000 tonnes by Gold Fields Minerals Services (GFMS) as on end of 2008 and out of this total stock, 51% is estimated to be present as jewellery, 18% as official reserves, 17% held as investment, 12% used for industrial purposes and 2% is unaccounted for.

Meanwhile, some of the worlds gold markets are OTC markets at London (LBMA), New York and Zurich, Gold derivative exchanges at New York - CME (COMEX), Tokyo (TOCOM) and Mumbai (MCX) while Istanbul, Dubai, Hong Kong and Singapore are doorways to important consuming regions.

Gold is the oldest precious metal known to man and for thousands of years it has been valued as a global currency, a commodity, an investment and simply an object of beauty.

Read more about: gold, mcx, commodity, investment
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