MCX GOLD APRIL CONTRACT TRADES DOWN ON A WEAKENING GLOBAL TREND.

MCX GOLD APRIL CONTRACT TRADES DOWN ON A WEAKENING GLOBAL TREND.

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MCX Gold April contract trades down on a weakening global trend
Amid a weakeing global tendency, gold futures was trading marginally eased today as speculators cut their positions.
At the Multi Commodity Exchange, gold for delivery in February fell by Rs 27, or 0.10%, to Rs 27,950 per 10 grams. Gold prices touched a session high of Rs 28,140 and low of Rs 28,075. So far 17 futures contracts have been traded on MCX.
In the capital city, gold on the purity of 99.9 and 99.5 percent lower quoted Rs 150 each at Rs 28,350 and Rs 28,150 per ten grams respectively.
Bullion traders further stated, a drop in demand from jewelers at current levels, ahead of weak global trend before a meeting of the European Central Bank, which can introduce stimulus that influenced the sentiment.
Analysts said gold traded lower globally, as investors locked in profits from a recent rally that took prices a maximum of five months prior to the highly anticipated ECB policy meeting at the end of the day, that is expected to provide a government bond purchase program.
On the Comex, gold futures for February delivery fell $ 7.60, or 0.59%, to trade at $1286.10 a troy ounce.
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