Gold futures climbed to never-before-seen levels, rising above the
$1,210-an-ounce level in Asia electronic trading today, as mixed moves
for the U.S. dollar failed to allay concerns of weakness in the
greenback.
Gold has almost shown a one-way rally in the past 3 months, the break out in the gold prices was seen in September, which is traditionally considered, as a bullish month for gold. In the first week of October Australia raised their rates being the first among the developed economies to tighten the monetary policy. This blazed the yellow metal and the February 2010 contract hit a high of $1021.5, same pattern was seen when RBA again raised rates in October and the metal again shot up from $1000 levels to $1066. Then November was the month when many central banks scrambled to buy gold pushing it up by more than $100 in less than 3 weeks.
The super cycle in gold continued in December with the COMEX gold piercing through the $1200 mark blown by the rise in the interest rates by RBA for 3 consecutive months.
International Gold February contract climbed as high as $1,216.9 an ounce on Globex. The next resistance comes around $ 1235 levels.
MCX February 2010 bullion futures stroked a lifetime high of Rs 18179 per 10 grams. It may face a resistance near Rs 18200 levels.
Silver futures also had solid ride, MCX March silver futures neared the Rs 30000 mark hitting a high of Rs 29666 per kg.
Gold has almost shown a one-way rally in the past 3 months, the break out in the gold prices was seen in September, which is traditionally considered, as a bullish month for gold. In the first week of October Australia raised their rates being the first among the developed economies to tighten the monetary policy. This blazed the yellow metal and the February 2010 contract hit a high of $1021.5, same pattern was seen when RBA again raised rates in October and the metal again shot up from $1000 levels to $1066. Then November was the month when many central banks scrambled to buy gold pushing it up by more than $100 in less than 3 weeks.
The super cycle in gold continued in December with the COMEX gold piercing through the $1200 mark blown by the rise in the interest rates by RBA for 3 consecutive months.
International Gold February contract climbed as high as $1,216.9 an ounce on Globex. The next resistance comes around $ 1235 levels.
MCX February 2010 bullion futures stroked a lifetime high of Rs 18179 per 10 grams. It may face a resistance near Rs 18200 levels.
Silver futures also had solid ride, MCX March silver futures neared the Rs 30000 mark hitting a high of Rs 29666 per kg.
