Gold futures may hit fresh record high
MUMBAI (Reuters) - India's gold futures may strike another record high in early Monday trade taking support from a weak dollar overseas, enhancing the yellow metal's appeal as an alternative investment, analysts said.
The benchmark December gold on the Multi Commodity Exchange (MCX) closed 0.1 percent higher at 16,645 rupees per 10 grams.
December gold is likely to open at 16,670 rupees per 10 grams, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
"Weaker dollar is the main reason, which would support prices. It may possibly hit a new high, gold can go up to 16,750 rupees," said Prasad.
"The upside potential is seen till 16,750 rupees," said Gnanasekar Thiagarajan, director, Commtrendz Research.
The U.S. dollar fell on Monday while the New Zealand dollar led other commodity-linked currencies sharply higher after dairy giant Fonterra lifted its forecast payout to farmer shareholders by almost 20 percent.
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