Published on Thu, Nov 26, 2009 at 10:54 | Source : Reuters
Updated at Thu, Nov 26, 2009 at 11:40
Like this story, share it with millions of investors on M3
0
Like this story, share it with millions of investors on M3
India gold may hit new record; copper seen up
India gold futures may continue their record-breaking spree on Thursday supported by a weaker dollar overseas, enhancing the yellow metal's appeal as an alternative investment, analysts said.
India gold futures may continue their record-breaking spree on Thursday supported by a weaker dollar overseas, enhancing the yellow metal's appeal as an alternative investment, analysts said.
Expectations of more central banks buying gold also helped sentiment, they added.
The benchmark December gold on the Multi Commodity Exchange (MCX) closed 1.1% higher at Rs 17,722 per 10 grams, after hitting a record high of Rs 17,734.
December gold is likely to open at Rs 17,760 per 10 grams, said Aurobinda Prasad, head of research with Karvy Comtrade.
The dollar remained pressured on Thursday after touching a 10-month low against the yen and fell to a more than 15-month low against a basket of six major currencies the previous day.
"The buying momentum would continue in gold, but trading would be thin due to holiday in US Range seen is Rs 17,680-17,850," said Prasad.
US markets will be closed on Thursday for the Thanksgiving holiday.
Gold may trade in the range of Rs 17,630-17,850, said Tejas Seth, senior research analyst with SMC Comtrade.
