Gold ruling high on global uncertainties

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Gold ruling high on global uncertainties
Gold continues breaking its record over and above following US credit rating downgrade, which spurred the metal's demand as a safe haven abroad.

Speculators rebuilt their portfolio with gold after it zoomed in international markets. Gold crossed the level of $1700 an ounce in today's trade.

India's benchmark gold futures for October delivery on the Multi Commodity Exchange extended gains by more than 3% on Tuesday morning and hit a new peak of Rs 26,198 per 10 grams.

At MCX, gold for October delivery was trading in the range of Rs 25,840 – Rs 25,850 per 10 grams around 2:30 pm IST.

Gold for far-month delivery, February futures opened at Rs 26,500 and made an intra-day high to Rs 26,942. It was trading in the range of Rs 26,767 – Rs 26,818 per 10 grams same time.

Gold for immediate delivery was seen trading at Rs 25,426 per 10 grams.

Experts say that the yellow metal might even touch Rs 27000 – level by Diwali this year.

Prices are also moving up due to festive season.

Read more about: gold, downgrade
Story first published: Tuesday, August 9, 2011, 14:43 [IST]
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