Gold gains for 4th day on global leads

Gold gains for 4th day on global leads
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First Published: Wed, Dec 24 2008. 04 28 PM IST
Updated: Wed, Dec 24 2008. 04 28 PM IST
Mumbai: The gold futures extended gains for a fourth consecutive session on Wednesday tracking overseas futures market and a weaker rupee, analysts said.
Comex gold for February delivery traded 0.33% higher at US $840.9 an ounce, helped by a weaker dollar against the euro.
A weaker rupee made the dollar-denominated gold expensive locally.
A correction is expected in gold on expectations of huge dollar buying ahead of the year-end, said Debjyoti Chatterjee, associate vice president at MAPE ADMISI Commodities.
He recommended selling MCX gold at Rs13,200 and above with a target of Rs12,900 and with a stop loss of Rs13,290.
At 11:45am, the benchmark February gold on the Multi Commodity Exchange of India (MCX) traded higher by 0.40% at Rs13,125 per 10 grams after gaining over 2.5% in the last three sessions.
Selling is recommended in March silver at Rs17,350 to Rs17,400 with a target of 17,000 and with a stop loss of 17,750 said Harish Galipelli, head of research at Karvy Comtrade.
The benchmark March silver contract last traded Rs89 higher at Rs17,276 per kg following the yellow metal. Open interest for February gold on MCX was at 15,656 lots, up from 15,390 a day earlier. Volume on Tuesday was 45.6 kgs.
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First Published: Wed, Dec 24 2008. 04 28 PM IST
More Topics: Markets | India | Commodity | Gold | Silver |