Market Update

Market Watch

Friday, 11 April 2014

MCX Bullion Tips and News Today

Gold was trading near its highest in 2-1/2 weeks on Friday, and looked set to log its best week in a month on weaker equities and increasing hopes that the US Federal Reserve will hold off on tighter interest rates.
Prices could be at risk of losing momentum as outflows from gold funds continue and physical demand in Asia remains weak, some traders said.
Today Trend for Gold:
Trend: Consolidate | Strategy: Buy on dips

R1- 28980, R2- 29350| S1-28450, S2- 28050
Fundamentals on Gold:
*Spot gold eased 0.08 percent to $1,317.35 an ounce by 0025 GMT, after three straight days of gains. The precious metal is up 1.2 percent for the week.
*It hit a high of $1,324.40 on Thursday - its highest since March 24.
*SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.26 tonnes to 806.22 tonnes on Thursday.

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