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Wednesday, November 11, 2009

Gold Mounts To New Heights

Gold futures climbed to a record on Wednesday, as dollar weakness continued to draw buyers into the precious-metals market.
Gold for December delivery, the most actively traded contract, soared to an intraday high of $1,117.80 an ounce in electronic trading on Globex, surpassing Monday's high of $1,111.70 an ounce. December gold futures were last up $12.60, or 1.1%, to $1,115.10 an ounce on Globex.

In recent trading, the dollar was mostly lower against its major rivals, burnishing the investment appeal of the precious metal. The dollar index which tracks the performance of the greenback against a basket of other major currencies, fell 0.2% 74.851. When the dollar declines in value, gold prices tend to rise.

Other metals futures also gained on Wednesday. December silver futures rose 36 cents, or 2%, to $17.58 an ounce, and January platinum futures added $20.10, or 1.5%, to $1,371.30 an ounce

MCX December bullion futures jumped to a fresh peak of Rs 16788 per 10 grams. The counter may face a stiff resistance near Rs 16820 and may find a good support at Rs 16710 levels.
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