22 February,2009 11:23 AM IST | | Agencies
Gold, considered a safe haven for investors, may see a slight correction during the week in the futures market to hover around Rs 15,400 per 10 gram level on the back of profit booking, according to analysts.
"The precious metal may take a correction as the precious metal is overbought at the moment and the prices trade in the range of Rs 15,400 per 10 gram level as people are booking profit taking advantage of the high price," said brokerage firm SMC Global Vice President Rajesh Jain.
Gold touched a record Rs 15,750 per 10 grams on Saturday in Delhi spot market, after scaling an intra-day high of Rs 15,800 per 10 grams. Jain further said that in the international market gold, which breached the 1,000-dollar an ounce mark yesterday on New York Mercantile Exchange (NYMEX), may trade at USD 950 an ounce level.
Bonanza Head Commodity Research Tarun Satsangi said movement in gold was stagnant from 1998-2001. "Prices started moving upwards only after 2001, so people are taking advantage of the current price trend."
