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.
