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Gold ruling high on global uncertainties


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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