Gold may hit new high in coming weeks

Gold is likely to hit a new high with gold futures for December delivery expected to breach the June 21 high of $1,266.50 an ounce in the next two to three weeks. The October futures traded on the Multi-Commodity Exchange (MCX) is expected to cross Rs 19,200 in the coming weeks. The Federal Reserve chairman’s assessment of the US economy on Friday confirms the view of most gold traders that the metal is likely to continue working its way higher in the weeks ahead.

Gold futures for December delivery posted fourth straight weekly gain on speculation that the dollar will weaken, boosting the appeal of the precious metal as an alternative asset. Gold futures settled at $1,237.90 an ounce on the Comex in New York, posting a weekly gain of $8.10 on weak dollar and long build-up on expectation of a fresh rally. The dollar fell against the euro after Federal Reserve Chairman Ben S Bernanke said the US central bank “will do all it can” to ensure a recovery.

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