Gold wakes up with rising alarm as dollar falls

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Gold wakes up with rising alarm as dollar falls
After falling for four consecutive days, gold finally woke up with a rising alarm on Friday, following a same trend on Saturday in domestic trade.

Gold for December delivery contract on MCX opened at Rs 26,720 per 10 grams and the metal for February delivery opened at Rs 27,062 per 10 grams.

Gold almost lost Rs 700 over this week on MCX, bargain hunters again invested their surplus in precious metal following global cues.

The metal also rose in International markets, gold for December delivery contract on COMEX division of the New York Mercantile Exchange (NYME), rose by $23.20 and settled at $1,636.10 a troy ounce.

Some investors bought metal on hopes that US dollar may move down further as hopes from euro zone again resurfaced.

US Dollar slumped as much as 0.9% against major currencies on fresh hopes that European leaders may work out well to strengthen their economy.

Back in India, the festival of lights ‘Diwali’ is merely couple of days away, registering a strong physical demand.

Investors globally, are quite bullish about the yellow metal over its strong demand from India and falling greenback.

Read more about: gold, mcx, europe, dollar, euro
Story first published: Saturday, October 22, 2011, 13:23 [IST]
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