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Gold extends gains; rises on weak dollar, strong demand

By Religare
|

Gold prices extended gains, rising by 0.27 per cent on Monday at the domestic markets as 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 0.05 per cent lower at 81.613 on the Inter-Continental Exchange (ICE) at 11.17am IST.

Gold futures for August 2013 contract, at MCX, were trading at Rs. 27,705 per 10 grams, up by 0.27 per cent after opening at Rs. 27,566 against the previous closing price of Rs. 27,631. It touched the intra-day high of Rs. 27,816 till the trading. (At 11.20 AM today).

 

Sentiment improved further after the World Gold Council said that gold demand in China could reach a record 1,000 tonnes in 2013 while in India; it may stand at around 850 tonnes.Traders keep an eye on the upcoming US Federal Reserve policy meet this week. A decision by the Fed to maintain its current pace of QE may bolster the precious metal, a hedge against the inflationary risk of monetary stimulus.

Read more about: gold
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