Gold & Silver

MCX gold may touch Rs 28,475/10 gm

Suresh P. Iyengar Mumbai | Updated on April 19, 2012

GOLD   -  The Hindu

Gold may continue its downtrend in the futures market.

MCX gold June contract may touch Rs 28,475 per 10 grams on Thursday against yesterday’s close of Rs 28,518.

In Mumbai spot market, the yellow metal opened at Rs 2,762 per gram against Wednesday’s close of Rs 2,768.

Rupee has depreciated by 10 paise against dollar. This has prevented gold prices from falling sharply in India.

In the US market, gold was at $1,638 a troy ounce at 11 am on Thursday. At Comex, it closed at $1,642 an ounce yesterday.

Analysts feel that the concerns about Spain's finances and banking sector moved funds to US treasuries and German Bunds, while caution prevailed in most markets.

Gold, though traditionally seen as a safe haven during times of economic and political turmoil, has moved largely in tandem with riskier assets and against the dollar, of late.

Physical buying interest from the world’s top two gold consumers, India and China, has been sluggish, weeks after the jewellers’ strike was called off.

Published on April 19, 2012

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