MCX Gold is looking weak in terms of intraday trading. However it had a strong bullish trend in last some trading session. But the current trading scanario don't support the bullish trend for MCX gold. Although it has a strong support level at 29800 level but a strong resistance is also stayed at upside on 31900 level. Curretly MCX Gold is faceing a selling pressure so it will be better to sell gold on higher levels.
Gold and silver trading in the international market is weak. But gold is at $ 1,774 with a slight decline Comaks, dropped 0.15 percent, while silver is trading around $ 34 per ounce. Half per cent of gold in domestic Babajar on Monday declined to Rs 31 040, while silver closed at Rs 62 925 with a gain of 0.23 per cent.
Gold prices inched higher in international markets, however domestic prices moved lower on account of steep appreciation in Indian rupee. On investment front, gold ETF holdings moved up to 74.152mn ounces by Oct. 2
Wholesale gold prices hovered in a tight range just below $1780 an ounce for most of Tuesday morning in London, just below a new 2012 spot market high touched yesterday following comments from US Federal Reserve policymakers.
Silver prices traded just below $35 per ounce, close to seven-month highs, while stocks and the Euro ticked higher despite warnings that Spain is underestimating the amount of recapitalization its banks need.
Commodities were broadly flat, with copper showing some strength, while major government bond prices fell.
A day earlier, Dollar gold prices touched a new 2012 high at $17971 per ounce during Monday's US session, while the gold price in Euros set a fresh all-time record at €44,583 per kilo (€1386 per ounce).
"The gains were prompted by Fed President Evans' comments that the quantitative easing measures adopted [by the Fed last month] did not go far enough," reckon analysts at Commerzbank.
