Monday, October 01, 2012
MCX Gold Silver Tips for Today
MCX Gold October contract closed at 31,217/10gms on Friday after touching a low of 31091/10gms. MCX GOLD TIPS. Spot Gold prices floated between gain and loss and settles 0.1 percent low. Market sentiments were in doubts that stimulus measures announced by global central bankers not enough to growth in economies and thus results in bearish market sentiments. Strength in Dollar index DX also resulted downside pressure in gold prices. Spot gold prices touched weekly low of $1,737.50/oz and closed at $1,770.69/0z on Friday.
Support - 31450/31330, Resistance – 31630/31700
MCX Silver prices fell by 0.92 percent and closed at 62,790/kg after touching low of 61,830/kg on Friday. Silver prices declined due to appreciation in Indian rupee which acted at bearish factor for MCX Silver. MCX SILVER TIPS. The Spot Silver prices declined by 0.09 percent and steeled at $34.46 on Friday backing weak global market sentiments created by renewed concerns of Euro zone. Weakness in Spot gold and base metal back along with strength in DX also exerted downside pressure on Spot Silver prices next week. It touched weekly low of $33.33/oz and closed at 34.46/oz on Friday.
Experts Advice – In MCX market depreciation in Indian rupee will cushion in metals prices while in global market precious metals are expected to trade with a negative bias due to weak global market sentiments and also due to strength in the DX.
For this week Global gold prices may see bullish trend and may moved the level of $1,800/ounce. Global gold pries were down last week. The metal is within reach of its 2012 high, while open interest for US gold futures surged to a one-year high on heavy buying related to fund positioning before the quarter end.