RTRS: India gold futures continue record-breaking spree
India gold continued its record-breaking spree on Thursday as investors pored money into the safe haven asset due to deepening global recession, analysts said.
However, profit-taking may creep in after the yellow metal gained more than 6 percent in the last three days in a row making record highs, they added.
"We may see bouts of profit-taking later in the day after consistent three days of rise," said Kunal Shah, an analyst with Nirmal Bang Commodities in Mumbai, adding "gold would have tough resistance at 15,775 rupees."
"However, the long term trend still remains up on robust investment demand."
Gold futures on the continuous charts MAUc1 was 0.70 percent higher at 15,670 rupees per 10 grams at 10:56 a.m., after hitting a record of 15,706 rupees earlier in the session.
"We expect profit-taking by today evening or tomorrow till 15,450-15,500 rupees," said Subodh Gupta, an analyst with Anand Rathi Commodities.
The overall trend is still bullish, said Gupta.
"We continue to retain our target of 16,000 rupees in next two weeks."
Open interest for April gold on MCX was at 20,740 lots, up from 20,700 a day earlier. Volume on Wednesday was 79.71 kgs.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 10:57 a.m. <0#MAU:>:
