June 19, 2013
MCX gold for August delivery may trade on negative note. The commodity may witness short covering at 24900-24800 levels.
By John Godson
Gold prices at India’s Multi Commodities Exchange (MCX) have breached 25,000 levels; the commodity witnessed high selling as prices plummeted.
Gold for August delivery is trading at Rs 24,970 per 10gm with loss of 1.15% as of 01.21 P.M IST.
Indian Rupee has appreciated 1.06% to 59.55 against dollar witnessed further fall in yellow metal prices. Weakness in dollar index accounted for further fall in metal prices.
Gold dropped as rallying U.S equity markets further cut into demand for bullion as a hedge against economic uncertainty. Official data showed that the U.S. economy grew significantly less than expected in the first quarter of 2013.
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