Market Update

Market Watch

Monday, 10 November 2014

Mcx Tips Live Market Updates; Gold drops as short-covering rally

MCX GOLDM December contract was trading at Rs 25943 up Rs 17, or 0.07 percent. The GOLDM rate touched an intraday high of Rs 26070 and an intraday low of Rs 25852. So far 1793 contracts have been traded. GOLDM prices have moved down Rs 1730, or 6.25 percent in the December series so far.
MCX GOLDM February contract was trading at Rs 26195 up Rs 63, or 0.24 percent. The GOLDM rate touched an intraday high of Rs 26212 and an intraday low of Rs 26165. So far 20 contracts have been traded. GOLDM prices have moved up Rs 475, or 1.85 percent in the February series so far.
Gold slipped nearly 1 per cent on Monday after a short covering rally in the previous session fuelled by a softer-than-expected US jobs report.Despite a 3 per cent jump on Friday, gold remained below a key $1,180-an-ounce level that could pressure the metal back to 4-1/2-year lows reached last week on a strong dollar and fears regarding an upcoming rate hike by the US Federal Reserve.
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