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Wednesday, February 11, 2009

Gold jumps yet again, hits five month highs

Fresh contract highs for the yellow metal in India

Gold rose to five-month peak today, jumping on the safe haven status as the yesterday's massive drop in the US equities along with a steady undertone in the US dollar supported the yellow metal, proving the calls for a decline in the prices after an early retreat in Asia worthless.

The commodity started the day on a conscious note, giving up its gains in the early Asian trades. The April gold eased to a low of $912 per ounce mark and jumped right back to $929 per ounce, hitting five month high in the London trades. The counter trades at $928.30 per ounce, up $14.10 an ounce and extends a tremendous week after coming under some pressure post non-farm payrolls last Friday.

The contract finished up $21.40 at $914.20 on the floor trading session on COMEX yesterday as the US equities plummeted providing a shaky response as the Obama administration's plans to shore up the financial system and stem the economic recession.

The domestic Gold futures also rode high, hitting a fresh contract high of Rs 14441 per 10 grams and currently trades at Rs 14391, up Rs 169 per 10 grams or 1.20% from the previous close with 6.37% increase in the open interest, suggesting plenty of fresh buying in the intraday moves.

source: Capital Market
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