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Gold rises for third season in India on weak dollar

by IBNS 11 Dec 2014, 10:56 pm

New Delhi, Dec 12 (IBNS) Gold rises for third session in a row to two month high on Wednesday on weak dollar and fall in global equities market prompted investors to seek safety in safe heaven appeal in precious metal.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.37 percent to 721.81 tonnes on Tuesday, another factor that could boost prices.

Vivek Gupta, CMT - Director Research, CapitalVia Global Research Ltd. said in upcoming days, "we can expect COMEX Gold February Futures prices to trade in a range  on weak U. S. dollar."

Technically, COMEX Gold can trade in the range from $1260 on higher side to $1180 on lower side. And similarly MCX Gold February futures can trade in the range between 27600 to 26800 level, he said.