Gold prices may climb Rs 80/gram in three weeks
This is a clear indication of bullish bets being built. Tracking this, gold on MCX traded above the Rs 27,000 mark for the first time in almost three months.
By ET Bureau | Updated:
MUMBAI: There's bad news for gold buyers in India, if options data on US-based Nymex is anything to go by.
Gold prices could rise by 3.3% or almost Rs 850 per 10 gm to Rs 27,848 over the next three weeks (based on ex-VAT MCX prices), options data intraday Wednesday indicated, thanks to risk aversion setting in globally amid falling stock prices.
The $1150 call option expiring on February 24 has the highest open interest of 9649 contracts as on Tuesday closing.
The price of the option has risen by 179% in the last 25 sessions through Wednesday (intraday) during which open interest has risen 82%.
This is a clear indication of bullish bets being built. Tracking this, gold on MCX traded above the Rs 27,000 mark for the first time in almost three months.
The active gold contract on MCX was up half a per cent at Rs 27112 per 10 gm - the last time it held above the 27,000 mark was on October 29, last year.
Gold prices could rise by 3.3% or almost Rs 850 per 10 gm to Rs 27,848 over the next three weeks (based on ex-VAT MCX prices), options data intraday Wednesday indicated, thanks to risk aversion setting in globally amid falling stock prices.
The $1150 call option expiring on February 24 has the highest open interest of 9649 contracts as on Tuesday closing.
The price of the option has risen by 179% in the last 25 sessions through Wednesday (intraday) during which open interest has risen 82%.
This is a clear indication of bullish bets being built. Tracking this, gold on MCX traded above the Rs 27,000 mark for the first time in almost three months.
The active gold contract on MCX was up half a per cent at Rs 27112 per 10 gm - the last time it held above the 27,000 mark was on October 29, last year.
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