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Monday, January 11, 2010

Gold Continues With The High Pace

Gold stayed higher as dollar continued to tumble and oil stayed intact near 15 month peaks on cold weather in US. 

U.S. stock futures rose Monday on the eve of fourth-quarter earnings season as confidence grew that corporate profits and the economy at large will stay on the mend.S&P 500 futures rose 6.2 points to 1,147.80 and Nasdaq 100 futures rose 9.25 points to 1,899.20. Futures on the Dow Jones Industrial Average rose 48 points.

Gold futures climbed by as much as $24 an ounce earlier today to touch their strongest intra day level in more than a month, as a decline in the U.S. dollar and strong Chinese trade data lured investors.

Gold for February delivery rose as high as $1,163 an ounce in electronic trading on Globex. The contract later eased back slightly to $1,155.4, still up $17.20.

MCX Gold futures stayed above Rs 17000 mark hitting a high of Rs 17083 per 10 grams.

Indian gold futures are expected to rise further in the near term as January 14 is marked with a Indian festival called Makar Sankranti. It is a major harvest festival celebrated in various parts of India. It is believed that any auspicious and sacred ritual can be sanctified in any Hindu family, this day onwards.
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