Market Update

Market Watch

Monday, 24 February 2014

MCX Bullion Tips: Gold Drops Today in 3 Weeks

Gold inched lower on Monday after posting a third straight week of gains, but the precious metal may get support from worries over the pace of the U.S. economic recovery and China's growth.

Gold eased 0.29 percent $1,321.35 an ounce by 0224 GMT as speculators booked profits from last week's rally, which lifted prices to a 3-1/2 month high at $1,332.10. Gold has gained more than 9 percent so far this year.

Gold premiums in Singapore, a centre for bullion trading in Southeast Asia, were also unchanged from last week at $1.20 to $1.50 an ounce to the spot London prices.

Today’s Trend for Gold:
Trend: Consolidate | Strategy: Buy on dips
R1- 30270, R2- 30750 | S1-29650, S2- 29180

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