Gold Futures Drop Rs 136 on Weak Global Cues, Profit-booking

MCX GOLD FUTUREGold futures traded lower by Rs 136 at Rs 30,318 per 10 gram today. Gold for delivery in far-month August was trading lower by Rs 136, or 0.45 percent, to Rs 30,318 per 10 gram, in a business turnover of 14 lots at the Multi Commodity Exchange. On similar lines, the metal for delivery in June eased by Rs 127, or 0.42 per cent, to Rs 30,097 per 10 gram in 119 lots.

Analysts said the fall in gold futures was mostly in tandem with a weak trend overseas where the precious metal fell for a third day as the dollar rebounded on prospects of the US interest-rate increase next month, dimming the metal’s appeal as an alternative investment. Globally, gold prices fell 0.5 percent to USD 1,279.75 an ounce in Singapore.

The metal reached USD 1303.82 on Monday, the highest intra-day level since January 2015. Meanwhile, prices have rallied 21 percent in 2016 after three years of losses, as investors returned to haven assets amid concerns that a deteriorating global economy may delay the end of low borrowing costs in the US. MCX INDIA

INTRADAY: BUY MCX GOLDM JUNE 30400-30350 FOR TARGET1:30500 TARGET2: 30600 WITH A STOPLOSS BELOW 30270 (CMP-30400)

Leave a Reply

Your email address will not be published. Required fields are marked *