Market Update

Market Watch

Thursday, 18 December 2014

Mcx Tips; Gold recovers on seasonal demand

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In Mcx Gold prices eased on Thursday in Asia as the Federal Reserve's outlook on rates weighed, though support on holiday demand remained. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,190.20 a troy ounce, down 0.36%, after hitting an overnight session low of $1,191.00 and off a high of $1,203.00.
Overnight, gold futures dipped on Wednesday as investors jumped to the sidelines ahead of the Federal Reserve's statement on monetary policy later in the session. Gold futures dipped on Wednesday as investors jumped to the sidelines ahead of the Federal Reserve's statement on monetary policy later in the session. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were down 0.06% at $1,193.60, up from a session low of $1,191.00 and off a high of $1,203.00.
The February contract settled down 1.11% at $1,194.30 on Tuesday. Futures were likely to find support at $1,187.80 a troy ounce, Tuesday's low, and resistance at $1,225.00, Monday's high. Consumer prices were 1.3% higher on a year-over-year basis, just shy of expectations for a 1.4% reading after a 1.7% increase in October. 

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