Gold may ease from record highs

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Gold may ease from record highs

2009-11-04 09:40:00
Last Updated: 2009-11-04 10:00:55

Customers look at gold bangles inside a jewellery shop in Hyderabad in this...

Gold futures may ease in early Wednesday trade on profit-taking after hitting record highs in the previous session, analysts said.

The benchmark December gold on the Multi Commodity Exchange (MCX) closed 3.1 per cent higher at Rs 16,618 per 10 grams, after hitting a record high of Rs 16,639.

December gold is likely to open at Rs 16,550 per 10 grams, said Abhishek Chauhan, an analyst with Angel Commodities.

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"Since gold has made a new high, traders would try to book profits. Any dip would find support at Rs 6,500," said Gnanasekar Thiagarajan, director, Commtrendz Research.

However, analysts said gold may rebound later in the session on bullion's growing status as a destination for diversifying official reserves.

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"There could be profit-taking initially, but the bias is still on the upside. Resistance is seen at Rs 16,750 , while support is at Rs 16,450," said Chauhan.