Spot gold inflated to hit Rs 28,000/10 gm in leading Mumbai, Ahmedabad and New Delhi market Friday tracking yellow’s metal uncharted rally in the overseas market. Gold in London spot hit an all time high price of USD 1,869.30/oz.
Suresh Hundia of Bombay Bullion Association told that seeing the current rally prices in global market can easily touch USD 2,000/oz in the medium-term and spot prices can notch Rs 30,000/10 gm. Upcoming festival and good monsoon has boosted prospect of buying in the domestic market. Traders however, said that investors’ are still away from market.
In Mumbai, 995- standard gold traded at Rs 28,100 and 999- pure traded at Rs 28,221. In Delhi, 995 quoted at Rs 28,000 and 999 at Rs 28,150 and in Ahmedabad 995 traded at Rs 27,930 and 999 at Rs 28,005. (Prices in per 10 gm) .
Silver in Mumbai traded at Rs 63,935, in Delhi at Rs 62,800 and in Ahmedabad at Rs 62,975. (Prices in per kg).
MCX gold, most active October contract made a high of Rs 27,887/10 gm and currently traded at Rs 27,818/10 gm, up Rs 644.
Gold today is open to a new record of Rs 27,500. Gerlu in the gold market is trading at 1 per cent. Comaks 1,850 dollars per ounce at the gold level is very close to the business. MCX silver at Rs 61 979 with an edge in business being seen.
Thursday was also picked up strongly in gold. With 1.6 per cent up on Comaks gold closed at $ 1,822. MCX Gold also had surpassed the 27 100 to Rs.
The projected decline in demand for crude has declined today. Naimaks currently $ 80 a barrel crude oil is trading around. On MCX, crude oil is down at Rs 3713.
On Thursday, the United States due to fears of slowdown in crude oil had declined by 6 per cent. Crude oil closed above $ 82. The base metals have seen in today's sluggish business.
Investors' comments -
Crude oil (September Futures): Sell -3880, -3960 stoploss, Target -3 700
Copper (August Futures): Sell -405, -409 stoploss, goals -398