Bullion futures gained momentum in the first session of the MCX today (October 7) due to renewed festive demand among traders and stockiest.
Gold futures once again proved as a safe heaven for the investment as speculators and investors preferred to invest in bullions in order to hedge against the volatility in the stock markets. Regaining oil prices and weak rupee also influenced the market sentiments.
On MCX, Gold December,2008 contract was trading higher by 1.02% at Rs 13,472 per 10 grams (4.57 p.m., Tuesday). It opened at Rs 13,289 as compared to its previous closing of Rs 13,336. Gold February,2009 contract increased by 0.98% at Rs 13,550. It opened at Rs 13,330 as compared to its earlier closing of Rs 13,419 per 10 grams.
Similarly, Silver December,2008 contract was trading up 1.35% at Rs 19,352 as compared to its previous closing of Rs 19,095 a kg. Silver March,2009 contract gained by 1.36% at Rs 19,829 as against its previous closing of Rs 19,563.
