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Gold extends gains to 2-week high; traders at bay

Gold extends gains to 2-week high; traders at bay
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First Published: Mon, Jul 11 2011. 02 13 PM IST
Updated: Mon, Jul 11 2011. 02 13 PM IST
Mumbai: Gold futures extended gains for another session on Monday to hit their highest level in more than two weeks, following overseas markets and a weaker rupee, which made the dollar-denominated yellow metal expensive, analysts said.
The most-active gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.26% higher at Rs 22,410 per 10 grams, after hitting a high of Rs 22,435, a level last seen on 26 June.
Physical dealers stayed on the sidelines, awaiting better bargains, traders said.
The rupee eased and retreated further from a two-month high hit in the previous session, tracking a fall in the euro and Asian currencies, with weaker local stocks also weighing, but strong dollar inflows limited the rupee’s drop.
Gold priced in sterling hit a record high, powered by a broad push into bullion that also sent euro-denominated metal to a lifetime peak as deepening concern over the spread of the euro zone crisis rattled investors.
India, the world’s biggest buyer of bullion, is in the middle of the sowing season, when farmers, the traditional buyers of the yellow metal, divert their savings to agricultural equipments and fertilizers.
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First Published: Mon, Jul 11 2011. 02 13 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |