Gold Recovers On Higher Global Cues - Jan 17, 2009

On Friday, gold prices bounced back on the bullion market on fresh stockists buying in view of positive global advices. Silver also firmed up in line with gold prices coupled with good demand from industrial users.

Gold prices rose in Tokyo, moving away from the previous day''s one-month low, as oil prices recovered and the euro rebounded against the dollar. Bullion''s safe-haven appeal was reinforced by mounting credit fears on news of further trouble at Bank of America and Citiroup, analysts said. Spot gold was quoted at $823.90/825.90 an ounce, up from $817.45 late in New York on Thursday.

U.S. gold futures were higher in Asia, with futures for February delivery at $823 per ounce, up $15.7 from Thursday''s settlement on the Comex division of the New York Mercantile Exchange. Spot silver also quoted higher at $10.73/10.81 an ounce from $10.58. Turning to the local market, standard gold (99.5 purity) rose by Rs 95 per ten grams to Rs 13,000 from Rs 12,905.Pure gold (99.9 purity) also firmed up to Rs 13,065 from Rs 12,970. Silver ready (.999 fineness) shot up by Rs 250 per kilo to Rs 18,170 from Rs 17,920.

Gold Futures Rise On Firm Global Cues - Nov 13, 2008

Gold futures on Nov 12 increased by up to 0.50 per cent on the Multi Commodity Exchange, on cues from firm global markets, as the dollar weakened against the euro, and added to the bullion''s sheen as an alternative investment.

The most-active December contract increased by 0.50 per cent to Rs 11,682 per 10 gram at MCX, while February contract gained 0.37 per cent at Rs 11,717. Similarly, April contract moved up by 0.12 per cent at Rs 11,780 per 10 gram. Globally, gold for immediate delivery gained 7.58 per cent to USD 739.38 an ounce as yesterday''s decline encouraged buying of the metal, and as the dollar weakened against the euro, bullion became more attractive as an alternative investment option. Market experts said gold generally moved in the opposite direction to the dollar, which weakened by 0.9 per cent against the euro.