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Gold futures continue record-breaking spree

Gold futures continue record-breaking spree
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First Published: Thu, Feb 19 2009. 12 10 PM IST
Updated: Thu, Feb 19 2009. 12 10 PM IST
Mumbai: India gold continued its record-breaking spree on Thursday as investors pored money into the safe haven asset due to deepening global recession, analysts said.
However, profit-taking may creep in after the yellow metal gained more than 6% in the last three days in a row making record highs, they added.
“We may see bouts of profit-taking later in the day after consistent three days of rise,” said Kunal Shah, an analyst with Nirmal Bang Commodities in Mumbai, adding ”gold would have tough resistance at Rs15,775.”
“However, the long term trend still remains up on robust investment demand.”
Gold futures on the continuous charts was 0.70% higher at Rs15,670 per 10 grams at 10:56 a.m., after hitting a record of Rs15,706 earlier in the session.
“We expect profit-taking by today evening or tomorrow till Rs15,450-Rs15,500,” said Subodh Gupta, an analyst with Anand Rathi Commodities.
The overall trend is still bullish, said Gupta.
“We continue to retain our target of Rs16,000 in next two weeks.”
Open interest for April gold on MCX was at 20,740 lots, up from 20,700 a day earlier. Volume on Wednesday was 79.71 kgs.
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First Published: Thu, Feb 19 2009. 12 10 PM IST