Gold rallies on global concerns

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Gold rallies on global concerns
Gold rallied in morning trade on Monday over its safe-haven demand as negative sentiments about the global economy continues.

Last week, gold fell around 2.5% over profit-booking over positive news about the Euro zone. But negative sentiments again resurfaced.

Gold regained after survey released on Friday showed gloomy sentiments of Americans about the health of the economy.

Gold might take different move after Fed's meet which is going to held on September 20 (Tuesday) and September 21 (Wednesday), where Federal Reserve is expected to announce its policy measures. Analysts and Experts believe that Fed might come again with another round of stimulus to boost economic confidence.

Meanwhile, gold for delivery in October at the Multi Commodity Exchange, opened low at Rs 27,785 per 10 grams and was trading in the range of Rs 28,135 – Rs 28,138 per 10 grams.

And, the metal for April contract delivery opened at Rs 29,000 per 10 grams and was trading in the range of Rs 28,999 – Rs 29,028 per 10 grams.

Read more about: gold, economy, europe
Story first published: Monday, September 19, 2011, 11:29 [IST]
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