Gold futures may breach the psychological Rs 17,000 mark this week on the back of a weaker dollar, enhancing the yellow metal's appeal
Gold as an alternative investment, analysts said.
The most-traded December gold contract was trading 0.46 percent higher at Rs 16,877 per 10 grams at 4:40 p.m., after hitting a fresh record high of Rs 16,925 earlier.
The contract has struck 12 record highs since February 20, earlier this year, with eight all-time highs this month. "As of now the trend in gold is still strong," said Harish Galipelli, head of research with JRG Wealth Management.
"Gold may hit Rs 17,000 this week on a continuing weakness in dollar and investment demand," added Galipelli. The dollar slipped as traders took a lack of agreement on currencies among Asian and US leaders as a cue to sell the greenback, even as speculation of a near-term yuan appreciation cooled.
"The trend is still up, and may target Rs 17,000 later today," said Amrut Deshmukh, senior analyst, Way 2 Wealth Securities. Buying could be initiated at Rs 16,850, with a target of 17,600 and with a stop loss of Rs 16,750, said Deshmukh.
Gold as an alternative investment, analysts said.
The most-traded December gold contract was trading 0.46 percent higher at Rs 16,877 per 10 grams at 4:40 p.m., after hitting a fresh record high of Rs 16,925 earlier.
The contract has struck 12 record highs since February 20, earlier this year, with eight all-time highs this month. "As of now the trend in gold is still strong," said Harish Galipelli, head of research with JRG Wealth Management.
"Gold may hit Rs 17,000 this week on a continuing weakness in dollar and investment demand," added Galipelli. The dollar slipped as traders took a lack of agreement on currencies among Asian and US leaders as a cue to sell the greenback, even as speculation of a near-term yuan appreciation cooled.
"The trend is still up, and may target Rs 17,000 later today," said Amrut Deshmukh, senior analyst, Way 2 Wealth Securities. Buying could be initiated at Rs 16,850, with a target of 17,600 and with a stop loss of Rs 16,750, said Deshmukh.
Economic Times
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