maverick
23-06-2008, 06:42 PM
Gold, investors's best bet, is likely to remain bullish in the futures market for the next two-three weeks and is expected to notch up a gain of Rs 200 per 10 gram, primarily on a weak US dollar, a report has said.
The metal, which has been trading in the range of Rs 12,500-12,600 per 10 gram for the past 22 days, is likely to touch Rs 12,800 on Multi Commodity Exchange (MCX) August contract, according to a report by brokerage firm Karvy Comtrade.
The metal was trading at at Rs 12,561 per 10 grams at 1600 hrs on MCX, up by 0.28 per cent.
Gold prices in the previous week had posted a decent gain owing to a declining trend in US dollar.
As it goes in bullion parlance, dollar and gold move opposite directions. A weak dollar often prompts investors to shift their investment strategy to from forex and stocks to gold which gives better returns at times of crisis.
However, the report said increasing US GDP numbers and expected decline in crude oil prices may limit the uptrend in fold. PTI SMis likely to remain bullish in the futures market for the next two-three weeks and is expected to notch up a gain of Rs 200 per 10 gram, primarilly on a weak US dollar, a report has said.
The metal, which has been trading in the range of Rs 12,500-12,600 per 10 gram for the past 22 days, is likely to touch Rs 12,800 on Multi Commodity Exchange (MCX) August contract, according to a report by brokerage firm Karvy Comtrade.
The metal was trading at at Rs 12,561 per 10 grams at 1600 hrs on MCX, up by 0.28 per cent.
Gold prices in the previous week had posted a decent gain owing to a declining trend in US dollar.
As it goes in bullion parlance, dollar and gold move opposite directions. A weak dollar often prompts investors to shift their investment strategy to from forex and stocks to gold which gives better returns at times of crisis.
However, the report said increasing US GDP numbers and expected decline in crude oil prices may limit the uptrend in fold.
The metal, which has been trading in the range of Rs 12,500-12,600 per 10 gram for the past 22 days, is likely to touch Rs 12,800 on Multi Commodity Exchange (MCX) August contract, according to a report by brokerage firm Karvy Comtrade.
The metal was trading at at Rs 12,561 per 10 grams at 1600 hrs on MCX, up by 0.28 per cent.
Gold prices in the previous week had posted a decent gain owing to a declining trend in US dollar.
As it goes in bullion parlance, dollar and gold move opposite directions. A weak dollar often prompts investors to shift their investment strategy to from forex and stocks to gold which gives better returns at times of crisis.
However, the report said increasing US GDP numbers and expected decline in crude oil prices may limit the uptrend in fold. PTI SMis likely to remain bullish in the futures market for the next two-three weeks and is expected to notch up a gain of Rs 200 per 10 gram, primarilly on a weak US dollar, a report has said.
The metal, which has been trading in the range of Rs 12,500-12,600 per 10 gram for the past 22 days, is likely to touch Rs 12,800 on Multi Commodity Exchange (MCX) August contract, according to a report by brokerage firm Karvy Comtrade.
The metal was trading at at Rs 12,561 per 10 grams at 1600 hrs on MCX, up by 0.28 per cent.
Gold prices in the previous week had posted a decent gain owing to a declining trend in US dollar.
As it goes in bullion parlance, dollar and gold move opposite directions. A weak dollar often prompts investors to shift their investment strategy to from forex and stocks to gold which gives better returns at times of crisis.
However, the report said increasing US GDP numbers and expected decline in crude oil prices may limit the uptrend in fold.