MCX GOLD APRIL CONTRACT SLIPS 1.06 PERCENT AT RS 27,080.

MCX GOLD APRIL CONTRACT SLIPS 1.06 PERCENT AT RS 27,080.

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MCX Gold April contract slips 1.06 percent at Rs 27,080MCX Gold futures prices moved down by 1.06 percent today as participants offloaded positions partially, taking weak cues from the global market.
In the global marketplace Gold clutch gains to trade close to a four-month high on Thursday as the release of a mixture data from the United States and after the SNB has dropped interest rates into negative territory.
At the Multi Commodity Exchange, Gold April fututres was trading at Rs 27,080 down Rs 291, or 1.06 percent. Prices touched an intraday high of Rs 27,300 and an intraday low of Rs 27,055. So far 123 contracts have been traded on MCX Exchange in morning trade.
Market analysts said a weak trend on the precious metal from overseas markets and profit-booking also influenced the sentiment.
In the national capital bullion market, gold of 99.9 and 99.5 per cent purity plunged by Rs 230 each to Rs 27,320 and Rs 27,120 per ten grams respectively, while sovereign continued to be traded at last level of Rs 23,850 per piece of eight gram. Bullion traders said subdued demand at current levels and a weak global trend mainly pulled down both gold and silver prices.
On the Comex, gold February futures delivery hit a session high of $1,261.00 a troy ounce, the most since September 8.
A delay in the Fed to raise interest rates would be viewed as bullish for gold, decreasing the relative cost of holding on the metal, that does not offer investors any likely guaranteed payments.
To contact the KheloMCX Advisory visit here. Or Free trial Advisory Visit KheloMCX.com.

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