Gold takes a breather on profit booking

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Gold takes a breather on profit booking
Gold futures in India reversed yesterday's gains as investors preferred to book profits after the sharp spike in the metal.

Overseas spot gold surged to a six-month high after Federal Reserve Chairman Ben Bernanke's announced a quantitative easing programme in the US. This is expected to see fresh surge in gold as liquidity through the easing tends to chase precious commodities. International spot gold was seen trading at $ 1,770 an ounce.

MCX gold futures for October 2012 contract, was trading at Rs 32,228 per 10 gram, lower by 0.30%.

Gold futures for April 2013 contract, was seen trading lower by 0.10% at Rs 33,342 per 10 grams on MCX at 2.10 pm IST.
MCX silver futures was lower by Rs 182, and was trading at Rs 65,110 per kg.

Delhi spot gold prices touched a fresh high of Rs 32,900 per 10 grams.

The rally in gold, though partly aborted today is likely to continue witnessing momentum in the next week, as a buy on dips call is likely to persist.

This is in line with liquidity chasing other commodities, including ferrous and non ferrous metals, as well as risky assets including equities.

GoodReturns.in

Read more about: gold, silver, mcx
Story first published: Friday, September 14, 2012, 14:39 [IST]
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