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Gold futures surge for third day

Gold futures surge for third day
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First Published: Fri, Feb 06 2009. 11 42 AM IST
Updated: Fri, Feb 06 2009. 11 42 AM IST
Mumbai: Gold futures extended gains for a third day on Friday tracking higher overseas futures market, but a stronger rupee could limit the upside later in the day, analysts said.
At 11:29am, COMEX gold for April delivery was $1.6 higher at $915.7 an ounce on safe-haven purchases, after hitting a high of $916.4 earlier.
“Gold is currently stuck in a range,” said Vikas Vaid, associate vice-president with Asit C. Mehta Commodity Services, Mumbai.
Gold is currently facing tough resistance at 14,450 levels, if it breaches that level then expect gold to hit new highs, Vaid added.
Analysts said investors would closely watch the US employment report for January due later in the day to gauge direction of the dollar and gold.
The benchmark April gold contract was 0.30% higher at Rs14,245 at 11:29am, after gaining 1.5% in the last two sessions.
A stronger rupee makes the dollar-quoted gold cheaper. The rupee rose on Friday, supported by the dollar’s weakness against the yen and stronger equity markets, but dollar demand from importers holds its rise.
Open interest for April gold on MCX was at 20,756 lots, up from 20,647 a day earlier. Volume on Thursday was 66.34 kgs.
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First Published: Fri, Feb 06 2009. 11 42 AM IST
More Topics: Gold | Bullion | Commodity | Markets | India |