Last Updated :
12 April 2010 at 16:50 IST
Bullish gold may cross $1250 on investment fever
LONDON (Commodity Online): Will gold price zoom past the record of $1227 per ounce that the precious metal achieved in December 2009? It looks gold price is surging once again prompted by a number of reasons that include the Greek financial crisis, volatility in dollar and Euro and several central banks’ decision to raise interest rates.
On Monday, gold price started climbing in global markets across several continents from Asia to Europe. Gold prices hit a fresh four-months high in Asian trading on euros rebound as EU offered a bailout package to Greece. Gold for immediate delivery was seen trading at $1165.35 an ounce at 11.30 a.m while U.S. gold futures for June delivery was at $1,166.40 per ounce.
Bullion analysts said that gold price is once again on a boom. Gold’s steady ascent to a record of $1227 per ounce began in October 2009 in the aftermath of India buying 200 tonnes of gold from the International Monetary Fund (IMF). IMF decision to sell gold to India at a high price led to a frenzy in bullion markets around the world, resulting in the precious metal’s historic rally to $1227 per ounce on December 4, 2009.
Precious metals analyst Mark Robinson says gold price is once again on a surge. “Gold has turned out to be the best investment asset for common people, banks, brokerages and investors around the world. Everyone is betting on gold on increasing political and currency worries in several nations from Greece to Brazil,” he pointed out.
“April is going to be the month for gold, it looks. The current gold rally has the potential to cross the $1227 per ounce. I am looking at a gold price of $1250 or above per ounce in short terms. Gold is surely going to achieve another historic record. Gold is on a bullish run on global investment demand,” Robinson told Commodity Online.
Analysts like Robinson say that the bull run in gold will continue for some months now as investors are scouting for pouring money into gold funds, gold bars, gold coins and several other bullion-based assets. “In countries like India, one of the largest gold consuming countries in the world, people are buying into Gold ETFs and gold funds based on mutual funds. This is all leading to another bullish run on the yellow metal,” he added.
MCX COPPER MINI 29 June 2012
contract was trading at
Rs 403.85 , up Rs. 5.25 . What's your view on it?
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