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MCX Gold Down Around Rs 200

A hurried sell off was seen in MCX Gold futures. The metal slipped today after recording smart gains in the last session. The global prices slipped under $1290 per ounce as strength in the US dollar kept the advances limited. A relative calm on the geopolitical front also limited gold`s gains. The COMEX Gold futures are trading at $1287 per ounce, down $5 per ounce on the day. The MCX Gold futures are trading at Rs 27286 per 10 grams, down nearly Rs 200 per 10 grams on the day. The counter added Rs 134 yesterday though upside resistances remain in place.

US dollar is holding around its three month high against the US dollar. European Central Bank President Mario Draghi said Monday he sees a risk that expectations for ultra low inflation will gain a grip in the euro zone and spur consumers and businesses to delay purchases, the latest sign that the ECB is prepared to take fresh easing measures when it meets next week.


Gold futures ended lower on Friday, with investors opting for the riskier equity assets after some better than expected economic data from the US as new home sales climbed more than expected, with little support from the greenback which trended higher. Gold shed about 0.1 percent for the week. A Commerce Department report on Friday showed new home sales in the US rebounded strongly in April to come in above economist estimates, after having reported a steep drop in sales in the previous month.

Safe haven demand for gold also remained under check following a clear result to the Ukraine presidential elections, won by confectionery tycoon Petro Poroshenko, who said he wished to talk to Moscow to try to halt hostilities and return stability to his country. The US stock markets were closed last night on Memorial Day Holiday and Asian markets are trading in a mixed manner today.
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Shubhlaxmi Harish

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