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Wednesday, July 13, 2011

India gold futures rose july 13 2011

India gold futures rose july 13 2011, MCX gold futures july 13 2011 : India gold futures rose on Wednesday afternoon, extending gains for a fifth session in a row, nearing its all-time high, as fears of euro zone debt crisis spurred safe-haven buying in the yellow metal, pushing traders to the sidelines.

* The most-traded gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.42% higher at Rs 22,797 per 10 grams, after gaining 2.4% in the previous four sessions.

* The contract had struck a high of Rs 22,809, just 1% lower than the record high of Rs 23,148 hit on April 30.

* "Demand is poor as prices have reached all-time high," said Mayank Khemka, managing director, of gold wholesaler Khemka Group, adding that buyers stayed away despite a discount of $3-$4 on London prices.

* Overseas spot gold was trading higher at USD 1,574.55 an ounce, after hitting USD 1,572.96 in the previous session, barely USD 3 off the all-time high of USD 1,575.79 set on May 2.

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