Gold futures hit 2-week high as signs of physical buying

Gold futures hit 2-week high as signs of physical buying

Gold futures prices inched up to hit a two-week high on Monday, as investors weighed the dollar’s advance against signs of more physical buying.

Greenback advanced near a maximum of five years after a report showed Japan’s economy suddenly dropped in a recession. Physical buying will probably support gold prices to November, Barclays Plc, wrote in a report today.

On the Comex in New York, gold futures for delivery in December jumped by up to 0.7% to reach a daily high of $ 1193.60 a troy ounce, the most since Oct. 29. Prices quoted at $ 1,188.00 an ounce during European morning hours, up $ 2.40, or 0.2%.

Gold rose $ 24.10, or 2.07%, on Friday to close at $ 1185.60 an ounce.

Bearish bets on gold futures and options to hedge funds are near a record, according to US government data.

Gold for immediate delivery lost 0.2 percent to $ 1,186.22 an ounce in London, reached $ 1194.38 today, the highest rate since October 31.

Investors looked ahead to introduce the US data later in the day for more information on the economic strength and the future course of monetary policy.

Despite recent advances, prices of gold will probably remain vulnerable in the short term amid signs of the US economic recovery building force the Federal Reserve to start raising interest rates sooner and faster than previously thought.

Holdings in gold-backed exchange-traded products fell 0.7 metric ton to 1,617.4 tons on Nov. 14, the lowest since May 2009, data compiled by Bloomberg show.

Gold is trading flat. As friday saw a fantastic 2 per cent rally in gold, but today this was not sustained the boom. Reports are coming that Switzerland could decided to deposit gold. The November futures on MCX gold with 0.11 drop percent is trading at Rs 26,438.

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Posted in Commodity, MCX, Stocks Market

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