Indian Gold Contract Rises for Fifth Consecutive Session

Indian Gold Contract Rises for Fifth Consecutive Session

Indian Gold prices closed with gains under its belt. The prices ended at Rs 29350 per 10 grams, up 0.11%. Indian Gold contract followed the footsteps of COMEX in terms of rise. COMEX Gold ended at crucial levels of $ 1250.90 per troy ounce.

The recovery hopes in the world economic growth is paving way to Gold apart from Silver that is outperforming the markets. Silver futures are up about 24% this year, outperforming gold`s more than 18% rise. Gold futures on the other hand also promised gains to investors and joined the bandwagon. The prices shined by 8% on COMEX at $ 1262.2 per troy ounce when last checked.

In US, after reporting a sharp increase in new residential construction in the previous month, the Commerce Department released a report on Tuesday showing that U.S. housing starts pulled back by much more than expected in March. The report said housing starts tumbled by 8.8 percent to an annual rate of 1.089 million in March after jumping by 6.9 percent to a revised 1.194 million in February.

Economists had expected housing starts to dip by about 0.9 percent to a rate of 1.167 million compared to the 1.178 million originally reported for the previous month. With the steeper than expected pullback, housing starts gave back ground after reaching a five-month high in February.