Yellow Metal Seen Hitting Another Peak
Submitted by Gurpreet Singh on Tue, 04/19/2011 - 09:03
Country's gold futures are expected to expand gains, to reach another all-time peak, accompanying a sturdy trend in abroad market regions where sovereign debt troubles in the United States and European market strengthened investor attention in gold.
On the Multi Commodity Exchange (MCX), the most-active yellow metal for June delivery closed 1.2% up at Rs 21,835 per 10 grams, after attaining an all-time peak of Rs 21,857, during the last session.
Overseas spot gold added up 0.8% to $1,493.29 per ounce, off the record high of $1,497.20 hit in the previous session.
On the other hand, Country's copper futures are expected to ease a little bit, broadening the earlier session's losses, accompanying abroad markets.
The most-active copper for this month's (April) delivery on the Multi Commodity Exchange ended 0.7% down at Rs 414.10 per kilogram during the last trading session.
Three-month London copper was ruling 0.29% down at $9,243 per tonne at 8:47 am.
Abhishek Chauhan, senior analyst with Angel Commodities said, "We suggest to go short at Rs 416-417, for a target of 410."
