India gold touches new sky, futures steady

Posted By: Staff
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India gold touches new sky, futures steady
MCX gold futures extended previous day's flat trend, while domestic bullion prices hit the new skies on Tuesday.

The gold contract for December delivery opened at Rs 28,975 per 10 grams and fell to the low of Rs 28,833 during the initial part of the trade. At 1:00 pm IST, the contract was seen trading at Rs 28,936 per 10 grams.

The February contract futures opened at Rs 29,309 per 10 grams and were seen trading at Rs 29,228 per 10 grams.

While on the domestic front, the gold prices rose by Rs 32 per 10 grams and touched a new highs.

On Tuesday, the 24 carat gold price was at Rs 29,220 per 10 grams and the 22 carat at Rs 27,350 per 10 grams.

Gold buyers in India are not in short supply despite ruling prices. The demand for gold in India is well-supported by the ongoing wedding season.

International spot gold took a bearish move and was trading low at US $1,768 an ounce due to a recent spike in the dollar as generally both moves in opposite direction.

US dollar seen trading high against a basket of currencies on Tuesday due the rising concerns over the euro zone.

Read more about: gold, mcx, futures, euro, dollar
Story first published: Tuesday, November 15, 2011, 13:25 [IST]
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