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This is an archive article published on September 23, 2009

Gold edges higher as dollar falls

India gold futures edged higher on Wednesday helped by a weak dollar overseas.

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India gold futures edged higher on Wednesday helped by a weak dollar overseas,enhancing the yellow metal8217;s appeal as an alternative investment,analysts said.

The most-traded October gold contract was 0.22 per cent higher at Rs 15,851 per 10 grams at 11:32 a.m. The contract is still below its all-time high of Rs 16,040,struck on Feb. 20.

The ailing dollar fell to a one-year low against a basket of currencies as speculators dumped the low-yielding greenback ahead of a Federal Reserve policy announcement later in the day.

8220;The currency movements would support gold and may trade in the range of 15,760-Rs 15,900,8221; said Krishna Reddy,an analyst with Way 2 Wealth Securities.

8220;Gold may test Rs 15,950 later in the day on a weaker dollar,8221; said Kunal Shah,analyst with Nirmal Bang.

Investors would continue to eye the outcome of Fed monetary policy and G20 meeting for direction in the precious metals complex.

Open interest for October gold on MCX was at 15,050 lots,up from 14,992 a day earlier. Volume on Wednesday was 27.84 kg.

 

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