Gold retains sharp gains after sluggish U.S. jobs data

Gold on Monday retained gains from its biggest daily jump in nearly nine months as weak U.S. jobs data eased fears the Federal Reserve would hike rates this year. Copper prices rose by 1.14 per cent on Monday after data showed that US employers added fewer jobs than expected, dimming prospects for an increase in interest rates by the Federal Reserve this year and weakening the dollar. At the MCX, copper futures for November 2015 contract were trading at Rs.341.80 per 1 kg, up by 1.14 percent, after opening at Rs. 343.10 against the previous closing price of Rs. 337.95. It touched the intra-day high of Rs. 343.95 till the trading. Gold prices in India continued to trade at a discount for a fourth straight week, while premiums in China fell before it went on a week-long national holiday, in signs of sluggish demand in top consuming region Asia.

Today MCX Intraday Tips

  • Buy MCX Gold December between 25800 – 25700, SL- 25550, Target – 26500/26700.
  • Buy MCX Copper November between 334 – 332, SL- 328, Target – 345/ 353
  • Buy MCX Crude oil October between 2900 – 2910, SL – 2840, Target – 3050 / 3070
  • Sell MCX Natural Gas October between 164 – 166, SL – 171, Target – 156 / 152

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