Market Update

Market Watch

Monday, 17 February 2014

MCX Tips: Recent Updates on Gold

Gold hit a 3-1/2 month peak on Monday as fears over U.S. economic growth and a weaker dollar added to the metals' safe-haven appeal, extending its gains after rising the most in six months last week.

Spot gold rose 0.6 percent to $1,326.40 an ounce by0340 GMT, after hitting $1,329.55 earlier in the session.

Gold premiums in India, the world's second-biggest consumer of the metal after China, fell 17 percent on Friday to their lowest in four months as buyers postponed purchases on speculation over a possible cut in import duty soon.

Today’s Trend for Gold
Trend: Consolidate | Strategy: Buy on dips
R1- 29570, R2- 29850 | S1-28950, S2- 28580

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