Gold edged up in electronic moves but faced some resistance on rallies above $1730 per ounce mark. Commodities and equities rallied as Greece's parliament approved the austerity bill today to secure a second EU/IMF bailout and avoid national bankruptcy, as buildings burned across central Athens and violence spread around the country. Gold has been following risky assets off late and looked in a good mood to extend gains though the rise was limited and action remained mostly steady ahead of the US floor session open.
Gold has had a very good time in 2012, rallying sharply after a frantic sell off in end December 2011. Last week, Newcrest Mining Ltd, Australia's largest gold-mining company, forecasted strong gold prices, with gold trading between $1,500 and $2,500 in the next two to three years, according Chief Executive Officer Greg Robinson, quoted media reports. Newcrest reported record profit in the six months ended December 31
COMEX Gold is currently quoting at $1732.40, up $7.10 per ounce on the day. The commodity hit an intraday high of $1735.40 per ounce before slipping. The MCX Gold futures for April are quoting at Rs 28166, down Rs 93 or 0.33% on the day. The gains in Indian Rupee, which neared 49 per US dollar mark in day trades, hurt the local prices, not making them rise even as global prices shot up.
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