Thursday, September 20, 2012
MCX GOLD TIPS FOR TODAY, 20th September 2012
MCX Gold price trading are lower today. MCX Gold October contract trading was trading at 31911.00 down 107 or 0.33% at 11:18 hours. Gold October prices touched intraday high of 32000 and intraday low of 31893.00. Till now 5222 contracts have been traded. Gold prices moved up 2961 in October series so far. Globally Gold futures prices hold near seven months high of above $1,780 market at 9:00 IST. Experts believes that globally gold is going to stay weak till the European hours and advices traders to go short for the metal .
Experts believes that Gold prices fell as crude oil prices declines and dollar strengthened. The gold climbed sharply last week after Federal Reserve unveiled 3rd round of quantitative easing money printing to buy bonds. European Central Bank also pledge to launch a new bond buying programme earliner in the month. Experts believes that further monetary easing is expected to maintain pressure on long tern interest rates, keeping opportunity cost of holding gold at bottom alongwith pressuring dollar.
Spot Gold prices was down 0.3 percent at $1,766.01 an ounce at 1402 GMT. Earlier spot gold prices rose as high at $1,799.10 strongest since Feb 29. Experts believes that positive market sentiments are building up for gold to move higher.