Gold Updates 27.08.2012:- MUMBAI: Country's benchmark October gold contract extended gains on Monday morning to hit a record high of Rs 31,091 per 10 grams, following a rally in the world markets and on a weak rupee.
International spot gold rose to the loftiest level since mid-April on Monday, extending strong gains from last week as expectations for further monetary easing from the US Federal Reserve kept sentiment buoyant.
However, a price rise is set to trim country's gold consumption, and subsequently imports, in the peak festive season.
Investors, looking at short-term gains, have liquidated a portion of their holdings in gold in the last few days after the yellow metal touched Rs 31,000 per 10 gm. Jewellers and bullion dealers say that those who need immediate cash are selling gold now but they will again enter the market shortly as there is a feeling in the market that the yellow metal will touch Rs 32,500 around Diwali.
Bullion analysts say speculative and investment demand of the metal have resulted in prices more than doubling since 2008 curbing purchases from price-sensitive Indian buyers. India's gold imports in the second quarter plunged more than 56% on the year to 131 tonne, according to the World Gold Council.
Rajiv Popley, director of Mumbai-based jeweller Popley & Sons, said: "Gold has already given a 10% return in the first eight months of this year. Some may liquidate gold now but they will again return to the market shortly. Gold may touch Rs 32,500 per 10 gm sometime around Diwali."
Speculators raised their net long positions in U.S. gold futures and options to 140,126 lots in the week ended Aug. 21, the highest since the beginning of May, said the US Commodity Futures Trading Commission.
Investors also piled into physically backed exchange-traded gold funds, lifting the holdings of gold ETFs tracked by Reuters to a historical high above 71.4 million ounces. (Neal Bhai)
International spot gold rose to the loftiest level since mid-April on Monday, extending strong gains from last week as expectations for further monetary easing from the US Federal Reserve kept sentiment buoyant.
However, a price rise is set to trim country's gold consumption, and subsequently imports, in the peak festive season.
Investors, looking at short-term gains, have liquidated a portion of their holdings in gold in the last few days after the yellow metal touched Rs 31,000 per 10 gm. Jewellers and bullion dealers say that those who need immediate cash are selling gold now but they will again enter the market shortly as there is a feeling in the market that the yellow metal will touch Rs 32,500 around Diwali.
Bullion analysts say speculative and investment demand of the metal have resulted in prices more than doubling since 2008 curbing purchases from price-sensitive Indian buyers. India's gold imports in the second quarter plunged more than 56% on the year to 131 tonne, according to the World Gold Council.
Rajiv Popley, director of Mumbai-based jeweller Popley & Sons, said: "Gold has already given a 10% return in the first eight months of this year. Some may liquidate gold now but they will again return to the market shortly. Gold may touch Rs 32,500 per 10 gm sometime around Diwali."
Speculators raised their net long positions in U.S. gold futures and options to 140,126 lots in the week ended Aug. 21, the highest since the beginning of May, said the US Commodity Futures Trading Commission.
Investors also piled into physically backed exchange-traded gold funds, lifting the holdings of gold ETFs tracked by Reuters to a historical high above 71.4 million ounces. (Neal Bhai)
However, the full impact of the fall has been cushioned by an increase in traded volumes of all these commodities except crude.
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