MCX Gold Jumps By Rs 100

Gold.......

Domestic gold prices jumped by more than Rs 100 per 10 grams in the early European session today, with the international gold prices jumped $3 per ounce.
MCX August gold futures are trading at Rs 27079 per 10 grams, up more than Rs 100. The counter may face a resistance near Rs 27150 – 27200 levels.
Gold for August delivery rose $3.50, or 0.3%, to $1,396.60 an ounce on the Comex division of the New York Mercantile Exchange. On Friday, it tumbled 1.75% on Friday to settle the week at $1,387.35 a troy ounce.
The metal on Friday dropped $19, or 1.4%, hurt in part after better-than-expected data about manufacturing activity in the Chicago area, and after a gauge on U.S. consumer sentiment in May reached the highest level since 2007. The U.S. dollar turned higher after the reports. A stronger dollar tends to press down on prices of dollar-denominated commodities by making them more expensive for holders of other currencies.
Gold futures fell 5.4% in May, in part as gains in equities drew investors away from safe-haven assets such gold. May’s decline marked the seventh monthly drop for gold prices in the last eight months.
The market on Monday will look for manufacturing figures from the U.S., as well as the euro area, Germany, France and Italy.
In other action Monday, July copper rose 3 cents, or 0.8%, to $3.32 a pound. The industrial metal was in focus with the release of a final reading of a May version of China’s Purchasing Managers’ Index by HSBC on Monday. HSBC’s index fell to 49.2, down from a preliminary reading of 49.6.
Source by Commodity Insights