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Mumbai, Nov 4 (www.GoldTradingCalls.com) Gold Futures Prices have made an new all time high at $1,087. Nearby but lightly traded November gold closed up $30.90 to $1,084.30 an ounce on the Comex division of the New York Mercantile Exchange . This is a record spot-month high.
Meanwhile, most-active December gold closed up $30.90 to $1,084.90 an ounce. It hit a high of $1,087, which is a record for any Comex most-active gold contract.
Gold commodity futures stormed to record highs Tuesday following news that Reserve Bank of India – India’s Central Bank (RBI) bought 200 metric tons of the precious metal from the International Monetary Fund last month.
This alleviated past worries among traders on how the IMF might carry out its planned sales of 403.3 metric tons, meant to fund lending programs for poor countries, without adversely affecting gold prices, analysts said.
The metal began New York trading on firm footing after news that the Reserve Bank of India bought 200 metric tons from the IMF between Oct. 19 and 30. Gold later pared its gains, which observers tied to the stronger tone in the dollar, which normally pressures gold.
Around mid-morning, however, gold took off to the upside again on renewed speculative buying in an apparent delayed reaction to the India news, said Adam Klopfenstein, senior market strategist with Lind-Waldock.
The Indian purchases make the RBI the world’s 10th-largest central-bank gold holder, said Bart Melek, global commodity strategist with BMO Capital Markets. The country previously held 358 tons.
Asian countries hold relatively little gold relative to their very large FX Forex currency reserves may want to diversify away from U.S. dollars.
Our updated Gold chart show that Gold is in uptred and should be firm in the coming days & weeks.
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