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Monday, November 09, 2009

Gold At New Heights; Nears $1110

Gold futures broke beyond $ 1100 today for the first time as the dollar tumbled back beyond 1.5000 Euro mark. There is nothing on the data front today from US and that may result in some appreciation in the US dollar. 

However the U.S. stock futures pointed to a stronger start Monday, tracking gains made overseas. S&P 500 futures rose 8.5 points to 1,074.70 and Nasdaq 100 futures improved 11.75 points to 1,741.50. Futures on the Dow Jones Industrial Average rose 72 points. This may keep the gains in tact in the metals and oil.

Gold has been ballooning since RBI purchased 200 tons of gold in first week of November and since Australia's central bank hiked the interest rate for the 2nd consecutive month. The loosing confidence in US dollar globally is also a major factor for increase in demand for gold.

On Friday the U.S. stocks rose as investors took away from a report showing 190,000 non farm jobs lost and a 10.2% unemployment rate in October that the economy is continuing to recover but that the Federal Reserve isn't about to reverse ultra-low interest rates anytime soon.

MCX December gold futures are trading up nearly Rs 30 at Rs 16675 per 10 grams. The counter is having a good support at Rs 16643 levels with resistance near 16700 levels.
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