Gold today gained after its drop from a record spurred some investors to buy the metal as a protection of wealth amid concern economic growth is slowing.
Gold gained USD 39.20, or 2.20% to USD 1,831 an ounce on the Comex. It touched an all-time high of USD 1,917.90 on August 23. Silver also climbed 1.7% to USD 41.285 an ounce.
Demand in India, the biggest user, may surge 25% during the festival season this year as buyers expect prices to extend a record rally on demand for a protection of wealth, market experts said.
Bullion fell for the first time in three days yesterday as equities rallied after a report showed US personal spending rose more than forecast in July.
Gold futures plunged as much as 11 per cent from their record last week, prompting CME Group to raise margins on futures contracts. European confidence in the economic outlook in August plunged the most since December 2008, the European Commission in Brussels said today.
Source: www.moneycontrol.com
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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