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Gold extends gains; rises on strong physical demand, weak dollar

By Religare
Gold extends gains; rises on strong physical demand
Gold prices extended gains, rising by 0.39 per cent on Monday at the domestic markets as investors and speculators booked fresh positions in the precious metal amid a pickup in physical demand for the bullion. Gold futures for August 2013 contract, at MCX, were trading at Rs. 25,768 per 10 grams, up by 0.39 per cent after opening at Rs. 25,769 against the previous closing price of Rs. 25,669. It touched the intra-day low of Rs. 25,641 till the trading. (At 11.20 AM today).

Sentiment improved further as demand for jewellery, coins and bars have increased as the slump in prices to a 34-month low boosted physical demand for the yellow metal at existing levels.

Moreover, weaker greenback makes gold cheaper for those holding other currencies, thus increasing 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 0.02 per cent lower at 83.118 on the Inter-Continental Exchange (ICE) at 11.22 am IST.

At the Commodity Exchange (COMEX), gold future for August 2013 delivery traded at US$1,246.2 per ounce, up by 1.84 per cent. It opened at US$1,232.9 against the previous closing price of US$1,223.7. It touched the intra-day high of US$1,247.4. (At 11.20 am IST).

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