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Gold futures nearing Rs 29,000 over global worries


Gold futures nearing Rs 29,000 over global worries
Gold futures extended the previous day's gains on Tuesday and is trading at all-time highs. International spot gold also oscillated around $1,900 an ounce on Tuesday, as renewed fears over the euro zone's debt crisis and concerns about slowdown in global economic growth drove investors to seek safety in yellow metal.

Recent US payroll data has rocked the boats of the markets where equities are on falling zone and gold on rising.

Over in Europe, the situation is messy. Investors are worried about the political impasse in Europe that is hindering efforts to resolve the debt crisis in the continent. The defeat of German Chancellor Angela Merkel's party in the elections in her home state is considered a signal of this political divide.

International Monetary Fund's chief Christine Lagarde restated European banks need more capital to prevent Eurozone from debt crisis as contagion is spreading fast.

At the Multi Commodity Exchange, gold for delivery in October opened at Rs 27,545 per 10 grams, touched a fresh peak at Rs 28,666 per 10 grams and was trading in the range of Rs 28,617 – Rs 28,620 per 10 grams around 10:57 a.m. IST.

Similarly, the metal for April contract delivery opened at Rs 29,478 and and was trading in the range of Rs 29,445 – Rs 29,467 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.

Read more about: gold futures economy europe mcx
Story first published: Tuesday, September 6, 2011, 11:16 [IST]
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