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Tuesday, January 19, 2010

Gold Extends Gains; Dollar Flat

Gold futures extended yesterdays gains, however the gains were limited due to lack of cues from the US dollar. 

In the international markets the spot palladium and platinum hit fresh multi month highs, underpinned by healthy demand after the launch of new U.S.-based exchange-traded funds backed by the metals, and an improving outlook for the global economy.

The US Dollar was trading slightly higher against the Euro and was lower against the Yen and Pound. Recently Euro has been under pressure by persistent concerns over Greece's ballooning fiscal deficit.

U.S. gold futures for February delivery were at $1,137.60 per ounce, up $7.1 from $1,130.50 on the COMEX division of the New York Mercantile Exchange on Friday.

The holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, stood unchanged at 1,112.836 tonnes as of Jan 18.

MCX February gold futures were trading higher though the gains were limited on appreciation in the India Rupee. The counter was up over Rs 35 at Rs 16866 per 10 grams. It needs to break the range of Rs 16880- 16835 levels for direction.

At the Interbank Foreign Exchange (Forex) market, the Indian rupee strengthened by seven paise to 45.57 a dollar. The domestic unit had ended 14 paise higher at 45.64/65 yesterday.

The Bombay Stock Exchange index Sensex was up by 23.78 points in opening trade today. Foreign Institutional Investors (FIIs) have pumped in more than USD 1.6 billion in the current month so far.

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