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Tuesday, September 08, 2009

Comex gold glitters; mcx upside locked on rupee

Domestic gold october futures unable to break Rs 15900

The yellow metal glittered today breaking the $1000 mark and striking the days high of $ 1009.4 per ounce. The US dollar was battered by more than 1% against all the major currencies today.

The U.S. dollar fell to a new yearly low versus the euro and tumbled versus other major rivals Tuesday, undercut as investors continued to show rising appetite for risk amid a push higher by Chinese equities, improving economic data and renewed questions about the dollar's role as the world's premier reserve currency.

United Nations panel weighed into the dollar reserve currency debate, arguing for a new system of soft pegs to correct severe deficits in debtor nations like the U.S. and surpluses in countries like China.

In its report, titled as Trade and Development Report 2009, UNCTD (United Nations Conference on Trade and Development) readdressed the requirement of greater international stability for an overhaul of the entire monetary and financial system.

COMEX Gold's all time high is at $ 1032 an ounce. The counter is trading in a uncharted territory right now and any further price prediction looks difficult from here on.

MCX Gold futures had a very narrow movement however as the gains in the Indian currency locked the upside for the metal today. The Indian strengthened today on back of heavy losses in the US dollar against the international currencies.

Benchmark October futures on MCX traded in the range of Rs 147 unable to break the Rs 15900 level. The further momentum for the day depends on the opening of the Dow Jones.
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