Gold....
Gold futures extended the losses for second day after fears over
Cyprus' imperiled financial state ebbed Monday. Traders moved away from
gold Monday after euro zone finance ministers and the International
Monetary Fund approved a EUR10 billion rescue package for Cyprus
provided the country close up its second-largest lender, Laiki Bank. The
agreement, however, calls for a restructuring of two of the country's
largest banks and deposits at both banks larger than €100,000 will be
subject to a levy. On the Comex division of the New York Mercantile
Exchange, gold futures for June delivery quotes at $1599.65, down $7 per
ounce while Silver quotes at $28.77, down 0.048 per ounce. Euro trades
at $1.29, up 0.14% from the last close. Copper, Crude and Natural gas
were trading marginally up in the after hours U.S trading session.
Local
gold slipped for second day triggered by sell off in the global
markets. However, weak local currency limited the step fall some extent.
Indian rupee ended at Rs 54.37, up 0.37% from last day close. MCX Gold
for the April delivery currently quotes at Rs 29,467, down Rs 123 and
the support is at Rs 29,320, Rs 29,250 and resistance at Rs
29,550-29,610 level. MCX Silver for the May contract quotes at Rs
54,084, down Rs 134 per 1 kg and support is at Rs 53,890-53,810 and
resistance at Rs 54,250-54,280 level.
Source by Commodity Insights
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