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Gold reaches above 28,000 rally again


Gold reaches above 28,000 rally again
Bad economic news acts as a positive news for gold prices, and on Friday after US Labor department reported that no new jobs have been created in August, that was pretty expected that stock markets around the globe would see downturn with gold moving up on its safe asset demand.

After the announcement of the US job claim figures which were nil, gold rallied up to the top of its bull market phase again and settled high. On a weekly settlement basis, this close was a record.

At the Multi Commodity Exchange, gold for delivery in October opened at Rs 27,818 per 10 grams and was trading in the range of Rs 28,030 – Rs 28,033 per 10 grams around 12:20 pm IST.

Similarly, the metal for April contract delivery opened at Rs 28,489 and and was trading in the range of Rs 28,567 – Rs 28,596 per 10 grams.

Market analysts says the weakening trend in the global market and continuing strong investor interest, gold prices are likely to set new highs in futures trade further.

On the flip side, central banks continue to be net buyers of gold.

Read more about: gold economy mcx futures
Story first published: Monday, September 5, 2011, 12:37 [IST]
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