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Gold extends gains; rises for second day on weak dollar

By Religare
Gold extends gains; rises for second day on weak dollar
Gold prices extended gains, rising for the second day on Thursday at the domestic markets as a weaker dollar boosted the demand for the precious metal as an alternative asset. A weaker greenback makes the bullion less expensive for those holding other currencies, thus bolstering demand. The U.S. dollar index, a measure of the value of the United States dollar relative to a basket of foreign currencies, was trading 0.32 per cent lower at 80.692 on the Inter-Continental Exchange (ICE) at 11.23 am IST. Gold futures for August 2013 contract, at MCX, were trading at Rs. 28,174 per 10 grams, up by 0.79 per cent after opening at Rs. 28,000 against the previous closing price of Rs. 27,952. It touched the intra-day high of Rs. 28,177 till the trading. (At 11.23 AM today).

Sentiment improved further as investors and speculators created fresh positions in the precious metal tracking firm cues from overseas markets.

At the Commodity Exchange (COMEX), gold future for August 2013 delivery traded at US$1,387.9 per ounce, down by 0.29 per cent. It opened at US$1,387.4 against the previous closing price of US$1,392. It touched the intra-day low of US$1,383.8. (At 11.24 am IST).

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