MUMBAI (Commodity Online): Gold prices continued to surge in the global market due to the fears among the investors that the sings of economic recovery is seen far from now and trust on yellow metal as asylum.
The domestic gold futures also gained some modest profits following the reports that the Indian Central Bank bought gold from IMF. MCX gold December futures up 0.6% at Rs 16,219 per10 grams.
The contract saw movement between Rs.16,129-Rs.16,248/10gm. At 10.23 am IST, the contract traded up by Rs.98 at Rs.16,215 per10gm. Total volumes in December contract recorded 1599 lots.
Trading platform that even a 5 year old can trade. Join now
COMEX Gold futures hit above $1060 an ounce mark in Asia today as the investors continued to believe that the yellow metal would hold up its safe haven edge further amid lingering worries on the global economic front.
The RBI buying 200 tonnes Gold from IMF is also acting as supportive for the metal and as prices stand at Rs 16206, clocking a gain of around Rs 90 from the previous close, sentiments are looking quite bullish with intraday rallies likely to bring in Rs 16261-70 mark.
