OUTLOOK - India gold seen above 15,000-rupee mark
Tue Jan 27, 2009 2:35pm IST <javascript:launchArticleSlideshow();> Photo MUMBAI (Reuters) - India's gold futures may rise above 15,000-rupees-mark this week on safe-haven properties of the yellow metal amid volatility in the global currency market, analysts said. "Weaker rupee and the underlying bullishness in international market (is) driving the market higher," said Pradeep Unni, a senior research analyst with Richcomm Global Services. "And its possible that India gold prices could rise beyond 15,000-mark as the week progresses," he said. Analysts said gold has majorly benefitted from investment demand amid little physical demand as high prices and a weaker rupee continued to dent demand. Gold imports by India, the world's largest buyer of the metal, fell 47 percent in 2008 to 402 tonnes as high prices and a slowing economy dented demand, a leading trade body said in early January. "....price sensitive Indian demand is likely to fade rapidly at prices above $900 (an ounce)," James Steel, chief commodity analyst, HSBC, said in a report. Gold futures on the continuation charts on MCX was little changed at 14,073 rupees per 10 grams at 2:12 p.m., after gaining about 7 percent in the previous week. The contract is within striking distance of all-time high of 14,320 rupees struck on Oct. 10. Gold ended last year higher by 29.2 percent at 13,690 rupees as investors sought safety in the precious metals complex amid the global financial turmoil. Since gold has entered into a new trending phase (a positive trend), it will keep on hitting highs without major corrections, said a technical analyst at a Mumbai-based commodity brokerage. Gold had been and moving sideways in a range of 11,100-13,800 for almost a year, the technical analyst said. Source : Reuters Buy Quantum Gold Fund, Which is listed on NSE. NSE Code - QGLODHALF Please do contact me on 09821528887 for further assistance. Thank you Regards, Millet Bobin Relationship Manager ____________________________________________________________________________ _______________ Are you keeping your money idle in your savings account? <http://www.quantumamc.com/liquidfund/21aug08_web.html> Click here for a better option Mutual Funds are subject to market risks. Please read the offer document carefully before investing. Click <http://www.quantumamc.com/legal/risk_allfunds.html> here for detailed risk factors ____________________________________________________________________________ ________ Quantum Asset Management Company Private Limited, Regent Chambers, #107, 1st floor, Nariman Point, Mumbai - 400 021, India Phone: +91-22-2283-0322 / 2287 5247; Fax: +91-22-2285-4318; Mobile: +91-98215 28887 Email: [email protected]; Website: <http://www.quantumamc.com/> http://www.quantumamc.com/ Call Toll Free: 1-800-22-3863 (FUND) | Experience | Consistency | Credibility | ____________________________________________________________________________ _______________ ____________________________________________________________________________ ______________________________________________________________ The content of this e-mail is exclusively intended for addressee(s) and information purposes. No legal consequences can be derived from the contents of this e-mail. Should you receive this message by mistake, you are hereby notified that any disclosure, reproduction, distribution or use of this message is strictly prohibited. The e-mail expresses views only of the sender and not of Quantum Asset Management Company Pvt Ltd, or its parent company or any of its subsidiaries or affiliates (collectively referred to as QAMC) Neither Sender nor QAMC accept any liability for any damage resulting from the use and/or acceptation of the content of this e-mail. Always scan attachments before opening them. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
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