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Monday, January 04, 2010

Gold Bulls Celebrate The New Year

Bulls continued to stay in favor of the yellow metal, celebrating the first trading session of 2010. The COMEX benchmark gold futures neared the $1120 mark while the MCX benchmark gold futures neared the Rs 16900 mark as dollar plunged very rapidly against the Euro after the strong PMI data. 

The purchasing managers index for the euro-zone manufacturing sector rose to a 21-month high of 51.6 in December from a reading of 51.2 in November 2009. Activity in Britain's factory sector showed a stronger-than-expected rise in December, pushing the manufacturing purchasing managers index to its highest level in 25 months.

U.S. stock futures Monday pointed to a strong debut to 2010 as the Federal Reserve's top two officials hinted that interest rates would stay at ultra-low levels for months to come.

After a year that saw the Dow Jones Industrial Average climb 19% on a recovery in the economy and a stabilization of the financial sector, futures on the Dow industrials rose 60 points.

The most-active February gold contract was 0.50% higher at Rs 16,817 per 10 grams after hitting a high of Rs 16,836 earlier.

An ounce of gold on the COMEX division of the New York Mercantile Exchange is trading up $21.3 at $ 1116.5 per ounce.

The Institute for Supply Manufacturing's December index is due at 10 a.m. Eastern time.
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