Gold futures rose for a fifth day on Friday to surpass $840 an ounce as the dollar fell to the lowest level in two weeks against a basket of other major currencies, increasing the metal's appeal as an investment haven.
Pakistani opposition leader and former Prime Minister Benazir Bhutto's assassination on Thursday also played a role in the action in gold. Gold for February delivery ended the session up $10.9, or 1.3%, at $842.7 an ounce on the New York Mercantile Exchange. It rose to an intraday high of $843.8 earlier, the highest in more than a month. For the week, gold gained $27.3, or 3.3%.
MCX Gold, which closed the session at Rs 10653 per 10 grams is now trading at Rs 10665 in the opening trades. Resistances for the contract are at 10699 levels.
The dollar index, which tracks the value of the U.S. currency against a basket of other major currencies, fell for a fifth day, down 0.5% at 76.205, the lowest since Dec. 14. A weaker greenback makes dollar-denominated gold more attractive as an investment alternative.
Pakistani opposition leader and former Prime Minister Benazir Bhutto's assassination on Thursday also played a role in the action in gold. Gold for February delivery ended the session up $10.9, or 1.3%, at $842.7 an ounce on the New York Mercantile Exchange. It rose to an intraday high of $843.8 earlier, the highest in more than a month. For the week, gold gained $27.3, or 3.3%.
MCX Gold, which closed the session at Rs 10653 per 10 grams is now trading at Rs 10665 in the opening trades. Resistances for the contract are at 10699 levels.
The dollar index, which tracks the value of the U.S. currency against a basket of other major currencies, fell for a fifth day, down 0.5% at 76.205, the lowest since Dec. 14. A weaker greenback makes dollar-denominated gold more attractive as an investment alternative.
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