Mcx Tips; Gold holds below $1,200 as dollar scales new highs

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In Mcx Gold on Tuesday traded firmly below $1,200 an ounce as the dollar was perched at a near nine-year high versus a basket of major currencies, undermining the metal's appeal as a hedge. Spot gold was little changed at $1,182.40 an ounce by 0019 GMT, after losing 1 per cent on Monday.The US dollar hit fresh highs against the euro on Monday, while the dollar index, which measures the greenback against a basket of six major currencies, hit its highest since April 2006.
Also hurting gold was stronger equities. Shares edged higher in major markets on Monday, while crude oil prices tumbled after a short-lived bounce. The US benchmark S&P 500 closed at a record high.Bullion trading volumes were thin due to the Christmas and year-end holidays. Floor trading for CME Group's precious metals futures and options products will be closed on Jan. 1.
Crude oil prices on tumbled Monday, with global grades settling down more than $1 a barrel after an early rally fizzled and prices fell to their lowest levels since May 2009. Global benchmark Brent crude settled down $1.57 at $57.88. U.S. crude settled down $1.12 at $53.61 a barrel, following Brent downward. Oil prices this year are on track for the biggest decline since 2008 and the second-biggest annual fall since futures started trading in the 1980s.

Get Mcx Trading Tips; Gold inches higher on weaker dollar

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Gold struggled to get past overnight losses, trading near its lowest in three weeks on Tuesday, as a slump in oil prices and strength in global equities and the dollar hurt the metal's appeal. Spot gold was little changed at $1,174.85 an ounce by 0043 GMT. It tumbled nearly 2 percent on Monday, when it also dropped to a three-week low of $1,170.17.
The dollar held firm early on Tuesday, having risen to its highest level in nearly nine years against a basket of major currencies, driven in part by persistent weakness in the euro and a fresh fall in the yen. A higher greenback makes dollar-denominated gold more expensive for holders of other currencies, while also dulling bullion's appeal as a hedge.
Strength in oil prices also supported bullion, but gains in gold could be difficult to hold due to expectations of higher US interest rates and a strong outlook for the dollar. A strong U.S. dollar and the likelihood of higher U.S. rates even if inflation remains subdued are a recipe for lower gold prices.
Spot gold had edged up 0.4 percent to $1,199.86 an ounce by 0759 GMT, after losing about 2 percent last week.Oil prices nudged higher in Asia Tuesday on hopes of improved US economy figures, but analysts said gains would be capped with dealers squaring positions for the end of the year.

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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. 

Mcx Tips Watch Live Market; Gold set for third weekly drop

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Gold eased on Friday was likely to finish lower for a third week in four, as a resilient dollar and strong U.S. economic data undercut bullion's appeal as a hedge. Spot gold shed 0.3 percent to $1,158.32 an ounce by 0329 GMT and is down 1.5 percent for the week. It has failed to recover strongly from a 4-1/2-year low of $1,131.85 hit last week, on steady outflows from gold-backed funds.
The dollar rose to a fresh seven-year high against the yen on Friday, bolstered by rising Japanese equities amid speculation that Japan's leader would call an election and delay a sales tax hike. The greenback was holding close to a four-year high against a basket of major currencies.The bearishness in bullion's outlook was reflected in holdings of SPDR Gold Trust, the world's top gold-backed exchange-traded fund.
Oil prices fell about 3 percent on Thursday to four-year lows after government data showed US crude stockpiles surged at the delivery point for crude futures. The declines compounded losses from Wednesday after comments by the Saudi oil minister raised fears the world's top oil exporter will not agree to output cuts at the Organization of the Petroleum Exporting Countries' meeting on November 27.