MCX GOLD FUTURES DECLINE ON PROFIT-BOOKING AMID A WEAK GLOBAL TREND.


MCX GOLD FUTURES DECLINE ON PROFIT-BOOKING AMID A WEAK GLOBAL TREND.

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MCX Gold futures decline on profit-booking amid a weak global trend
After yesterday’s rally in gold and silver has begun to pressure. MCX gold looks around 0.2 per cent decline to Rs 27,500. At MCX futures trading today, speculators booked profits at prevailing levels amid with subdued global trend.
At the Multi Commodity Exchange, Gold futures delivery in December declined by Rs 63, or 0.23%, to Rs 27,498 per ten grams.
“The prices of gold and silver traded higher yesterday on signs of higher demand in India, the largest user after China, boosted by Diwali festival and wedding season. For MCX bullion are expected to trade down remain in a weak worldwide trend”, says commodity experts KheloMcx.com.
The price of spot gold edged up 0.2 percent to a up to six weeks rose above $ 1,250 an ounce on Tuesday, boosted by profits from commodities and broadly based concerns about a financial downturn in China.
Comex gold futures for December delivery traded at $1,249.30 a troy ounce, down $2.40, or 0.19%. A day earlier, gold prices hit a six-week high of $1,255.60 an ounce.
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