Monday, March 7, 2011

Gold sparkles in futures deal on global sign, spot demand

Gold prices rose by 0.50 per cent to Rs 21,204 per ten grams in futures deal today, supported by a firm trend overseas, as violence in the Middle East intensified, and increasing domestic demand.

At the Multi Commodity Exchange, gold for delivery in April added Rs 206, or 0.50 per cent, to Rs 21,204 per 10 grams, with a business revenue of four lots.

Likewise, the valuable metal for delivery in June moved up by Rs 96, or 0.45 per cent, to Rs 21,494 per 10 grams, with a business quantity of two lots.

Analysts said demand for valuable metals as a safe haven asset due to the violence in the Middle East, partial the trading sentiments at futures trade here.

Also, a firm trend in the domestic market on the back of improved demand, on account of the ongoing marriage season, supported the uptrend in the prices, they added.

Meanwhile, gold rose by 0.5 per cent to $1,437.85 an ounce in Asia. The metal climbed to an all-time high of $1,440.32 an ounce on March 2.

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