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Wednesday, February 18, 2009

No stopping for bulls in Gold

Yellow metal clocks seven month high on COMEX

Call it a store of value or a hedge against the global economic turmoil; Gold continues to soar with all eyes on the critical $1000 per ounce mark even as US dollar continued to hold firm against the Euro. Traders seem to be getting used to the idea that a firm US dollar might not necessarily mean a selling spree in Gold, as it is in normal times.

COMEX Gold futures for April shot up to a seven-month high of $975.40 an ounce and currently trade at $972.30, up $4.80 per ounce.

MCX Gold smashed tremendous gains as well, with the persistent fall in the Indian rupee, which went pass 50 per dollar mark in the intraday trades today, supporting the domestic futures.

MCX Gold futures for April rose to a high of Rs 15617 per 10 grams and slipped into red, trading at Rs 15449, down Rs 42 per 10 grams or 0.27% from the previous close.
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