In bullion market update today, Gold rate is moving steady coming
out from its eight days losing hole where price of the commodity
neared $ 1,250 per ounce level. In the last trading session, gold
prices gained Rs 200 trading at Rs 27,800 level for 10 grams of the
commodity in Delhi bullion market.
Gold prices in India
recovered with rising demand from retailers and jewelers preparing
their stock for sale during the festive season. Another reason is
positive influx from global news which encouraged investors to pick
up gold stocks now before it's too late.
Therefore,
improvement in gold pricing in domestic and global markets came from
increase in buyers, i.e. mainly jewelers and retailers and a
stabilized trend in global markets.
In today's trading session gold is expected to trade on consolidate to bullish trend. Gold will find support at 26900-26700 while upside resistance will be around 27350 breaching the same level gold may move up further to touch 27500 level.
