MCX Gold Seen Adding Up To Latest Gains

Gold.....

MCX Gold futures are expected to open on a firm note in the evening trades as the international prices continued to edge higher after the frantic sell off in last few days. The global equities added good gains and a generalized sort of rebound were witnessed in major commodities after the massive losses endured in last one week. COMEX Gold is quoting at $1414 per ounce, up $22 per ounce on the day. Prices have been managing to hold above $1400 today. The global finance policymakers are in talks. Finance ministers and central bank officials from the Group of 20 major economies are meeting in Washington for a second day today. Earlier in the week, the IMF noted that extraordinarily loose monetary policy risks sparking credit bubbles, which threaten to tip the world back into financial crisis. In its global financial stability report, the fund cautioned that further policy reforms were needed urgently to restore long-term health to the financial system before the long-term dangers of monetary stimulus materialised. The IMF also noted that the global financial crisis could morph into a more chronic phase, marked by a deterioration of financial conditions and recurring bouts of financial instability. In the short term, however, the fund is more upbeat. The fund noted that spring has arrived to global financial markets where after very rainy days and threatening clouds and that we are beginning to see some blue skies and more sunny days. Meanwhile, the global equities are up today, adding decent gains in Asia and Europe. Euro is lingering just under 1.3100 levels against the US dollar-not much of a deviation from its recent range. MCX Gold futures for June rose in intraday moves yesterday but backed off from highs near Rs 25900 per 10 grams, up very modestly on the day. The counter closed at Rs 25700 per 10 grams and could be expected to add to the gains in last session. Excellent buying is emerging in local retail markets as prices consolidate around Rs 26500 levels for standard gold. Source  by Commodity Insights