Gold...
Gold futures tumbled sharply as dollar gained against the Euro, ahead
of a two-day economic summit of European Union leaders. On the Comex
division of the New York Mercantile Exchange, gold futures for April
delivery traded at $1,579 a troy ounce, down $8.60 from the last close.
The Silver April contract quotes at $ 28.69 a troy ounce, down 0.93%
from last close. Euro currency was trading lower at $1.2918, down 0.38%
from last day. Gold prices struggled for upside traction due to a
slightly stronger U.S. dollar, as dollar-priced commodities become more
expensive to investors holding other currencies when the greenback
gains. EU leaders gather in Brussels today for a two-day summit to
endorse plans for “structural” assessments of national budgets and
discuss a bailout for Cyprus.
Local currency ended the day at Rs
54.32 per USD, up 0.03% from last close, after hitting the session low
at Rs 54.52 per USD. Local gold futures tumbled around Rs 200 per 10
grams from the last close, triggered by weak global cues and
appreciation in the local currency. The MCX Gold April gold tumbled to
the low of Rs 29301, down Rs 188 from last close and the next support is
at Rs 29250, Rs 29,120 and resistance at Rs 29420-29500 level. Silver
slipped for second day with May contract quotes at Rs 54,261, down Rs
457 or 0.83% from last close. Technically, the counter is likely to find
strong support at Rs 54,000, Rs 53,800 and resistance is at Rs 54,500,
Rs 54,750 level.
Source by Commodity Insights
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