MCX Market: Gold Silver News

Gold becomes dull on Friday at a six-month low and was on the edge of tipping over to a 3-1/2 year trough after the Federal Reserve's move to cut back its bond-buying stimulus prompted a huge sell-off.

The metal is heading for its worst weekly performance in three months and its biggest annual loss in 32 years.

GOLD (FEB) :

Trend: Consolidate | Strategy: Buy on dips

R1- 28670, R2- 28950| S1-28050, S2- 27780

Silver ready remained under selling pressure and surrendered further Rs 425 to Rs 44,225 per kg and weekly-based delivery by Rs 420 to Rs 44,580 per kg. Silver was down 2.7percent at $19.19 an ounce.

Silver coins maintained steady trend at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

SILVER (MAR) :

Trend: Consolidate | Strategy: Sell on high

R1- 44850, R2- 45700| S1-43350, S2- 42280

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Today's MCX Market Live News

Gold is trying to get a small overcome on Thursday after the overnight losses prompted by the Federal Reserve's decision to pare its stimulus, indicating investors may have already priced in the U.S. central bank's move.

Copper continues to decline for the third day as the dollar strengthened after the Federal Reserve decided to taper its monthly bond purchases, reducing the appeal of industrial metals as an alternative investment.

Silver for immediate delivery fell 0.5 percent to $19.6391 an ounce.Silver coins dropped by Rs 1,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces on fall in demand at prevailing higher levels.

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MCX Trading Tips -Gold Increasing with an Inch Today

Gold hiked up with an inch for a third session on Tuesday supported by a short-covering rally, even as investors remained on edge ahead of a policy decision from the Federal Reserve on its bullion-friendly stimulus measures.

Investors are dumping gold-backed exchange-traded products at the fastest pace since the securities were created a decade ago, mirroring the steepest price drop in 32 years.

Gold has lost over a quarter of its value this year after a 12-year bull market on fears that the Fed will scale back its $85 billion monthly bond purchases on the back of a strong economy.

Technical View of Gold

GOLD (FEB)

Trend: Consolidate | Strategy: Buy on dips

R1- 29270, R2- 29750| S1-28660, S2- 28250

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Latest MCX Market Updates for Today

Gold trading at its lowest in this week on Friday after strong U.S. retail sales data sparked fears of an early end to monetary stimulus and erased recent gains from a short covering rally.

Gold has lost 27 percent of its value this year and is headed for its first annual decline in 13 years.

While Silver fell to a one-week low, ticked up after a 4 percent drop overnight. Silver for immediate delivery fell as much as 1 percent to $19.3060 an ounce, the lowest since Dec. 6, before trading at $19.3913. The metal dropped 3.9 percent yesterday, the most since Dec. 2, and is headed for a second weekly decline.

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