Last Updated : 12 November 2012 at 20:40 IST
India festive season demand for Gold better than expected: RSBL
Source :Commodity Online
At India’s Multi Commodity Exchange, Gold December futures have so far gained 2.44% this month at Rs 31864 in evening trade on Monday. Gold December has resistanc e levels at 32,000, 32,200 levels, analysts said.
In fact, nature of India-China trade relationship should be in such a manner that it shoul...
One can either expect the status quo to prevail or a downside to occur in the bullion futu.. 
I would also like to give you some more names of companies operating in Europe and making .. 
- Commodity
- |
- Contract
- |
- Trend
- |
- Pivot Point
- Rubber
- June
- Sideways
- 16987
- Cardamom
- June
- Sideways to Bullish
- 753
- Turmeric
- June
- Bullish
- 5973
- Soy Bean
- June
- Bullish
- 3925
- Refined Soy Oil
- June
- Bullish
- 701
- MCX Natural Gas positive, support at 227 levels
- On Wednesday trade, Natural Gas May contract rose to a high of 235.20 Rs/mmBtu at 02.48 pm IST and is expected to trade positive in later session. For intra-day, support is now seen at 227, 224 levels and resistance at 236 & 238, analyst said.
- read more
As per April 25 reports, Norilsk Nickel has announced that it is closing its Lake Johnston operat..
By Col. Ajay
As per financial astrology, transit OD Sun in Saturn house is ..
MUMBAI (Commodity Online): Gold bullion prices here surged to Rs 31900 per 10 grams on Monday just ahead of Diwali and heavy trading on Dhanteras on Sunday considered auspicious for buying the yellow metal.
“The festive season has seen heavy buying by stockists and retailers. The recent dip in prices has pushed the demand for gold even further,” according to Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Ltd (RSBL).
Considering a further hike in prices, people have started buying gold and hence this festive season the demand has been much better than expected, he added.
In a five-day long rally, gold prices regained Rs 32,000 per 10 gm level after six-week in the national capital on Friday on sustained buying by stockists to meet the rising festive demand amid a firming global trend, Mr Kothari said.
The seesaw effect in gold prices is very much related to gold’s positive reaction to U.S. debt worries, with weakness from Europe sitting on the other side of the seesaw holding a very, very heavy key to the U.S. dollar.
News reports quoting traders said that on Dhantereas 2.5 tones of gold sales were done by bullion dealers and jewellery retailers, representing around 30% increase from the same day last year.Despite higher prices consumers’ enthusiasm remained robust in anticipation of further price spurt going forward.
Higher prices caused by weakness in Rupee , higher import duty imposed on gold and silver this year by the India government have caused prices to be remain at elevated levels causing imports to fall and jewellery demand to decline, observers said.
At India’s Multi Commodity Exchange, Gold December futures have so far gained 2.44% this month at Rs 31864 in evening trade on Monday. Gold December has resistanc e levels at 32,000, 32,200 levels, analysts said.
