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Tuesday, June 08, 2010

Gold On Record Rally; Hits Fresh All Time High

Gold futures broke earlier all time high set last month as Euro continued to be battered by the consistent debt concerns over the euro zone.

COMEX August benchmark gold futures surged to as high as $ 1254.5 per ounce. Topping out from the days high the contract was now seen trading at $ 1248.4 up $ 7.6.

The yellow metal has gained heavily this week on persistent sovereign risk concerns over the euro zone after Hungary made damagingly overzealous statements regarding its fiscal situation late last week. The news sent the euro to more than a 4-year low against the US dollar and prompting the investors to move towards the safe assets.

Today, equity markets continue to be plagued by high risk aversion after a slew of less-than-rosy data reports from the core of Europe as well as the announcement of fresh austerity measures by the Germany's Angela Merkel.

Domestic bullion futures gushed above Rs 19000, hitting a high of Rs 19198 per 10 grams. It was last seen trading at Rs 19033 up nearly Rs 80 from yesterdays closing. If closes above Rs 19000 may see Rs 19300-500 levels in near term.
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