MUMBAI: Gold climbed up by Rs 155 to Rs 12,225 per 10 grams in the bullion market on Tuesday after two days of holidays in the Indian market.
There was on intense buying by jewellery fabricators and retailers on the back of global reports.
According to traders, fresh buying by jewellery fabricators and retailers for the marriage season and report of firming trend in global markets mainly pushed up the prices.
Standard gold and ornaments met with heavy demand and shot up by Rs 155 each to Rs 12,225 and Rs 12,075 per 10 grams respectively. Sovereign, however, remained flat at Rs 9,900 per piece of eight gram in limited deals.
Trading activity picked up following reports of the precious metal rising to $933 an ounce following weakening dollar against leading currencies and crude oil rising to record high levels.
On the other hand, silver ready lacked necessary buying support and lost Rs 50 to Rs 23,550 per kg, but silver weekly delivery found scattered buying support from peculators and rose by Rs 110 to Rs 23,310 per kg.
Silver coins were traded around previous levels of Rs 26,600 for buying and Rs 26,700 for selling of 100 coins.
But in the global market the gains could be limited as gold has yet to retest the key resistance mark of $950 an ounce after falling from a record high of $1,030.80 an ounce hit on March 17. Platinum bounced, while silver and palladium extended losses.
Gold rose to $926.60/927.40 an ounce from $925.30/926.10 late in New York. It hit an intraday low of $914.10 on Monday before rebounding to hit a high of $931.10 as U.S. oil futures settled around $111 a barrel.
Gold futures were higher on Tuesday in opening trade on the Multi Commodity Exchange of India Ltd (MCX) tracking crude oil on a record high and analysts saw more upsides ahead.
The June gold contract on the MCX was seen trading within a range of Rs 11,920 and Rs 12,140, the IL&FS analyst added. Open interest for June gold on MCX was at 7,130 lots, up from 7,119 on Monday.
Volume on Monday was at 15.67 kg. MCX traded only in the second half of Monday owing to a holiday.
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