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Gold futures ended turned around and ended sharply lower on Wednesday after Ben Bernanke hinted that he saw no need for further monetary support in the near term. In the long term he maintained that accommodative monetary policy would prevail. It was the biggest 1 day drop for gold in more than three years in the US. India gold futures recovered partially on Friday from their lowest level in a month as physical traders hunted for bargains to meet wedding season demand, dealers said.
On March 02, 2012 gold prices gained in the major metros in India. In the Mumbai market Standard gold (99.5 purity) was up Rs 105 at Rs 28060 and pure gold (99.9 purity) was up Rs 100 at Rs 28180. In Jaipur market, standard gold (99.5 purity) was up Rs 150 at Rs 28100 and pure gold (99.9 purity) was up Rs 150 at Rs 28125.
Intraday Trading Strategy
Buy MCX Gold April contract above Rs 28050 with stop loss Rs 27900 and target Rs 28,190-28,100.
Buy MCX Silver May contract at Rs 59,250 - 59,000 with stop loss Rs 58,700 and target Rs 60,500 and 61,000.
