In India MCX Gold Seen Hitting New Peak

In India MCX gold rate are likely to touch a new high this week, but could witness a correction in the next couple of sessions, giving traders in the futures Stock market a best buying opportunity. More Inforamtion about India MCX gold visit my site

The most-active MCX gold for October delivery touched a record high of Rs 31,090 per 10 grams on the MCX and was up 0.27% at Rs 31,033 by 1110 GMT.

"MCX Gold and silver both could first correct lower in the initial part of the week.Weak demand from India, the world's biggest consumer, post record high prices and doubling of import duty could weigh on prices, limiting the upside.

MCX Gold imports to India are likely to fall by as much as 26%, or by 200 to 250 tonnes, in 2012 as record high prices hit the budgets of consumers.

Silver is also expected to tread higher, following the yellow metal.

Silver for September delivery on the MCX was up 0.48% at Rs 57,786 per kg.

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