Gold futures moved up again near its all time highs as losses in Asian markets induced traders to move money in the yellow metal.

The safe haven driven demand for gold took it swiftly above its earlier all time high hit in December 2009. The demand was largely driven by the uncertainties over the Greece and other Euro Zone nations financial condition The international gold futures broke the $1200 mark early last week and it has been on an un breaking rally since 22nd April 2010.

Domestic gold futures broke above Rs 18000 mark to hitting a high of near Rs 18300 levels. The rally coincided with the Indian festival of Akshaya Tritiya, which is falling on Sunday 16 May. Akshaya Tritiya is one occasion, which is considered one of the most auspicious days of the Vedic Calendar. Many Indian consider buying gold as very auspicious on this day. Last year during Akshaya Tritiya the domestic prices were hovering around Rs 14500 levels.

Today, the MCX June gold futures are trading up over Rs 80 at Rs 18110 per 10 grams. The day traders may buy it on dips with target of Rs 18160 levels and stop loss at Rs 18065 levels.

COMEX Gold is up $ 6.8 at $ 1236 per ounce. The counter may rally above $1140 levels following the losses in equities.
Source: India Infoline