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Monday, May 18, 2009

MCX gold futures down more than Rs 400

US housing data to be keenly watched for further movement in COMEX gold

COMEX Gold futures also slipped in the mid London trades today, which deepened the losses in the domestic gold on MCX. The MCX June Gold futures tumbled by a huge Rs 409 at Rs 14338 per 10 grams with the solid surge in the India's currency and the equity markets, which reduced the appeal for gold and other Rupee denominated assets.

The trading in the Indian markets was finally halted citing the more than 2000-point rally in the BSE SENSEX. India's Sensitive Index, or Sensex, climbed by a record 17 percent and the Bombay Stocks Exchange suspended trading for the rest of the day for the first time.

The trading was halted under Bombay Stock Exchange rules for the rest of the session after the benchmark Sensex rose 1,950 points, the most allowed in a single session. This is calculated based on the Sensex's closing level at the end of the quarter ended March 31 of 9708.50 points. Total traded volume on the BSE was INR1.22 billion as against INR50.90 billion Friday. After final adjustments, the Sensex closed Monday with a gain of 17%, or 2110.79 points, a record in point terms, to 14,284.21, its highest close in over eight months

The rupee jumped 3.5 percent against the yen and 3.2 percent versus the euro. The rupee rose to a near five-month high on hopes that more foreign money will flow into the country. There are growing expectations that the government will raise foreign investment limits in the retail and banking sectors and sell stakes in state-run companies to raise funds.

COMEX June Gold futures fell after starting the day on a positive note. Right now the contract is trading at $ 930.2 down $ 1.1 per ounce. The dollar strengthened against the euro as investors sought the safety of Treasuries. The dollar advanced 0.2 percent to $1.3471 per euro. The yen rose 0.6 percent against the dollar to 95.73 after Japanese Vice Finance Minister Kazuyuki Sugimoto said excessive moves in the nation's currency could hurt the economy.
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