MUMBAI (Commodity Online): Gold prices remained higher above $1060 an ounce in the international market on Friday as traders indulged in enhancing position amid mixed cues from the world equities.
COMEX Gold, the most time it spends above 1060, looks tipped to hit further highs. The counter was last seen quoting at $1061.30, up $2.70 an ounce from the previous close.
MCX Gold futures for December are trading at Rs 16008, down Rs 4 from the previous close in a sideways session. The prices are seen getting pressured above Rs 16000 with intraday traders entering shorts on a break below the watershed level.
The dollar may strengthen from hereon if the housing market conditions fail to pickup, as traders would be questioning the rally that has intensified despite the root cause of the crisis almost unchanged.
