5:38 PM
Nifty Tips
Gold started questing new highs in the domestic futures market with the bullish global support on Thursday. Gold quoted yet another high near $1360 per ounce levels. MCX Gold futures for December hit a high of Rs 19664 per 10 grams and currently trade at Rs 19644, up Rs 116 or 0.62% from the close. The counter looks upbeat given the strong breakout above Rs 19600 levels and dips to this threshold would see buying emerging in plenty today.
Equities looked little fatigued in Asia as the risk appetite seemingly stalled with the Euro easing from a high of 1.3946 against the US dollar. COMEX Gold futures for December hit a high of $1357.30 per ounce and currently quote at $1355.90 per ounce, up $8.20 per ounce from the previous close.
Gold hit yet another record on its spurt higher on broad concerns that aggressive monetary easing is destabilizing currency markets. Gold assets in ETPs rose 0.6 metric ton to 2,094.9 tons as of Oct. 5, according to data from 10 providers. Holdings are up 17 percent this year and reached an all-time high of 2,097.01 tons on Sept. 30. Gold opened at 19522 trading down to its low of 19507 as the dollar began to recover. The move was short lived however, as investors looked to currency alternatives and in so doing took gold to its high of 19617. Profit taking saw the metal close at 19523.
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