MCX Gold galloped to cross the magical level 21000 marks in opening trade at the bullion market. Today, Gold prices rose on emergence of frantic buying by investors and speculators sparked by a surge in international market.
MCX Gold held on top of this week's early rise again on Thursday, pushing back above 21000 rupees per kilogram as world equity markets fell and crude oil rose to new two-year highs as fresh anti-government protests hit the gulf state of Bahrain.
In global market, Gold rose to a more than seven-week high on escalating turmoil in Libya and soaring Crude oil prices. Inflation fears and slower economic growth also boosted the precious metals as safe haven bets.
Fundamentally, Gold looks upside for long term. Now, Gold expected to face another resistance above 21,300 in coming days till then price expected to remain upbeat only.
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