MCX GOLD UPDATE 22-Oct

Posted by Bhupendra Adhav on Friday, October 22, 2010


Supported by firming trend overseas and pick up in spot demand, gold futures prices bounced back to trade 0.47 per cent higher at Rs 19,421 per ten gram on Friday, after remaining weak for three straight sessions.
At the Multi Commodity Exchange counter, gold for delivery in December recovered by Rs 93, or 0.47 per cent, to Rs 19,421 per ten gram, with a business turnover of 2,123 lots. It ended 1.08 per cent down at almost two-week low of Rs 19,328 per ten gram in the previous session.
The metal for delivery in February also traded higher by Rs 88, or 0.45 per cent, to Rs 19,589 per ten gram, with a trade volume of 285 lots, while delivery for April was up by Rs 86, or 0.43 per cent, to Rs 19,750 per ten gram, clocking a turnover of 16 lots.
Analysts said recovery in gold prices in international markets as the dollar weakened, increasing demand for the precious metal as an alternative investment, influenced gold futures prices here.
Besides, pick up in demand at the domestic markets on account of festive and marriage season also supported the upside, they said.
Meanwhile, gold rose by USD 1.40 to USD 1,328.10 an ounce in the Asian region.


MCX Gold Chart

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