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Gold steadies near record high over CME raises margins


Gold steadies near record high
Gold steadies in today's trade as CME Group Inc. (CME) increased margins on futures contracts, suggesting some investors to sell the metal after a continuous rally.

Gold futures had closed 1.8% higher at Rs 26,204 per 10 grams after hitting a record of Rs 26,457 per 10 grams in yesterday's trade due to global worries counting on stock sell-off series in US. Rumours that France would be another nation to lose its AAA rating also prompted investors to buy gold during the initial part of trade.

At the Multi Commodity Exchange, Gold for delivery in far-month February opened high at Rs 27,067 per 10 grams and made intra-day high of Rs 27,101 per 10 grams. And, later in the day after CME increased margins on futures contracts, the gold rally calmed.

Gold for October delivery on MCX opened at Rs 26,202 per 10 grams and was trading between Rs 26,261 – Rs 26,266per 10 grams around 3:30 p.m. IST. It made an intra-day high of Rs 26,398 per 10 grams during the day.

Gold for immediate delivery was seen trading at Rs 26,095 per 10 grams.

Experts feel that gold will continue to shine going forward and will still remain investors" favourite.

Read more about: gold futures mcx economy
Story first published: Thursday, August 11, 2011, 15:34 [IST]
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