Wednesday 9 May 2012

Gold Updates in MCX

Today MCX Gold slide, then cut losses, on Wednesday after the Federal Reserve said it would extend its stimulus to a stalling U.S. stock economic Market recovery but did't signal more aggressive monetary easing. More Information about gold updates visit my site mcx-today.blogspot.com

The metal initially fell 1.7 percent on disappointment that the Fed did not announce a third round asset buybacks known as quantitative easing (QE3). Trading have been betting on the use of MCX gold as a hedge against economic uncertainty and currency depreciation risks brought by central bank actions.

The statement concluding a two-day policy meeting said the Fed is renewing its effort to depress borrowing costs by selling short-term bonds to buy longer-dated ones, extending its program better known as "Operation Twist" to the end of 2012.

Spot MCX gold was down 0.2 percent at $1,614.40 an ounce by 1:29 p.m. EDT (1728 GMT), having earlier traded as low as $1,590.28.

U.S. MCX gold updates futures for August delivery were down $7.70 an ounce at $1,615.50, with trading volume in line with its 30-day average, preliminary Reuters data showed.

Latest Prices of Gold Updates are 1:29 p.m. EDT (1729 GMT)

US gold 1615.54 -7.80 -0.7% 3.5%

US silver 28.360 -0.018 -0.2% 1.8%

US platinum 1474.50 -6.30 -0.5% 5.6%

US palladium 624.06 -5.36 -0.8% -4.8%

Gold 1614.50 -2.40 -0.2% 3.1%

Silver 28.50 0.04 0.2% 2.5%

Platinum 1470.78 -2.20 -0.2% 5.7%

Palladium 621.26 -2.84 -0.4% -4.6%

MCX Gold Fix 1602.00 -17.74 -1.2% 1.8%

MCX Silver Fix 28.32-50.00 -1.6% 0.4%

Platinum Fix 1459.00 23.00 1.6% 5.7%

Palladium Fix 624.00 4.00 0.5% -1.6%

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