Gold crosses USD 1,095 as dollar wilts
Gold hit record highs above $1,095 an ounce on Wednesday as dollar weakness added to momentum lent to the market by India's purchase of 200 tonne of gold from the IMF to push prices through key technical resistance levels.
Gold is now poised to target the psychological $1,100 an ounce level, dealers said. Spot gold struck a high of $1,095.05 an ounce and was bid at $1,093.55 an ounce at 1055 GMT, against $1,084.50 late in New York on Tuesday .US gold futures on the Comex division of the New York Mercantile Exchange also hit record highs at $1,096.20 anounce.
At the moment, there is technical buying on the back of Tuesday's rally in the aftermath of the IMF India transaction, said Alexander Zumpfe, a trader at Heraeus
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Gold is now poised to target the psychological $1,100 an ounce level, dealers said. Spot gold struck a high of $1,095.05 an ounce and was bid at $1,093.55 an ounce at 1055 GMT, against $1,084.50 late in New York on Tuesday .US gold futures on the Comex division of the New York Mercantile Exchange also hit record highs at $1,096.20 anounce.
At the moment, there is technical buying on the back of Tuesday's rally in the aftermath of the IMF India transaction, said Alexander Zumpfe, a trader at Heraeus
To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com/
posted by PressMart Team at
11:07 AM
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