Market Update

Market Watch

Thursday, 24 July 2014

Live Mcx Tips Market Updates; Gold falls below $1,300 as equities gain

In Mcx Market Gold was holding its ground above USD 1,300 an ounce on Thursday as violence deepened in the Middle East over the Gaza strip and as holdings in the top bullion-backed fund rose on safe-haven bids. Gold prices dipped slightly in Asia on Thursday, but remained well supported on global tensions. Spot gold was little changed at USD 1,304.01 an ounce by 0013 GMT, after dipping 0.2 percent in the previous session.
Gold broke below the key psychological level of $1,300 an ounce on Thursday as safe-haven demand for the metal eased due to rising Asian equities and strong Chinese manufacturing data. Physical demand in the region, however, increased slightly on the lower prices, with premiums in the biggest bullion consumer China edging up on buying interest.
Natural gas rose on Thursday, coming up off 8-month lows after investors priced in unseasonably mild temperatures in the eastern half of the U.S. and bet that hotter temperatures will return and hike demand for air conditioning. Natural gas futures were likely to find support at $3.741 per million British thermal units, the low from Nov. 26, 2013, and resistance at $3.893, Monday's high.

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