Tuesday, 22 May 2012

MCX Gold to Intraday on a Weaker Note Today

MCX Gold has come out with its report on bullion. According to the research firm, Gold is expected to trade on a weaker note today as concerns with respect to Greece ease, thus having an impact on safe-haven demand which had re-emerged last week. More Information about Mcx intraday tips visit my site mcx-today.blogspot.com

MCX Gold: In the initial part of the week, spot MCX gold prices came under pressure on account of mounting tensions with respect to Euro Zone debt crisis, with Greece being the matter of concerns and strength in the US dollar. But, in the later part of the week, finally investors were attracted towards gold as a safe-haven asset, which led the yellow metal to recover its earlier losses and Mcx intraday high by almost 1 percent.

Depreciation in the Indian Rupee led to further gains on the domestic bourses last week. MCX Gold June contract rose around 2 percent and hit a high of Rs.28,977 /10 gms last week. Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose around 0.5 percent to 1,282.92 tonnes on 18th May 2012 from the previous level of 1,277.12 tonnes on 11th May 2012.

MCX Silver came under pressure in the last week and fell around 1 percent in the international markets. Cues from the base metals pack were negative along with risk aversion in the global markets. But performance on the domestic market platform was variant as the white metal gained around 0.8 percent on the MCX last week as Rupee depreciation cushioned losses.

On a weekly basis, holdings in the iShares Silver Trust, the world's largest MCX silver-backed exchange-traded fund, increased around 2 percent to 9,649.22 tonnes on 18th May 2012 from its prior level of 9,465.07 tonnes on 11th May 2012.

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