Gold set to cross Rs 10,000/10gm-mark

The bullion market opened firm on MCX - gold opened at Rs 9,169/10gms and silver at Rs 19,325/kg.  Technically, the market outlook is positive and bullish this week apart from factors like $ and crude prices.

This week, we expect gold and silver to make a new path for the long-term. The bullish undertone is pegged on news that Shangai is launching a new ETF in silver, and China will deploy $1trillion and increase reserves in gold at least by 1% which comes to 500 tonne of gold.

If spot gold is able to float over $638.20 for the whole week on closing basis, it will be easy for gold to test the $700-level till Dec, and even can break previous high in the coming months.

Silver also looks set to touch $13.54, which offers good resistance.  If this level breaks, the market looks set to touch $14.50-15 by this year-end  - resulting in Rs 10,500-10,800/10gms for gold and silver around Rs 25-28,000/kg this year-end.

Spot dealers and jewellers are bullish on bullion for the coming months.

MCX metal counters quotes: Gold:  Rs 9,186/10gms; Silver: Rs 19,380/kg; Copper: Rs.309.30/kg; Zinc: Rs 199.10/kg; and Aluminum: Rs.123.30/kg.