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Gold futures extend rise on economic worry
Last Updated: 2009-04-23 12:47:22
Mumbai: Gold futures extended gains for a second day on Thursday as concerns about the global economy and the financial sector prompted safe haven buying, analysts said.
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The most-traded gold June contract was 0.19 per cent higher at Rs 14,458 per 10 grams at 10:57 a.m., after gaining 0.96 per cent in the last session.
"It is risk aversion that is fuelling gold's rally," said Debjyoti Chatterjee, an associate vice-president with ADMISI Commodities.
US stock markets fell on Wednesday while Asian markets were largely flat early Thursday, renewing concerns of global economic activity.
"The bias is on the upside as economic uncertainties are creeping up giving rise to risk aversion," said Kunal Shah, an analyst with Nirmal Bang Commodities.
Gold may test Rs 14,700 in a couple of sessions, added Chatterjee.
Open interest for June gold on MCX was at 14,208 lots, up from 14,108 a day earlier. Volume on Wednesday was 44.30 kg.
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