Thursday, 19 July 2012

MCX Today Tips For Gold Edges Lower

Today MCX Gold edged lower on Wednesday, extending losses from the last session when the U.S. Federal Reserve Chairman Ben Bernanke disappointed MCX gold bugs by offering no signs of imminent monetary stimulus measures. More Information about MCX Today Tips visit my site

The main financial institution primary reiterated the position that the Fed was ready to take further activity should the financial circumstances intensify, but provided few suggestions on the moment of such action.

MCX Gold over the past few months has been especially sensitive to Fed headlines as investors expect further easing to boost bullion, seen as a hedge against a rising inflation outlook due to rampant cash printing.

"We suppose that the short-term perspective for the valuable team will be somewhat reduced from here," said Ed Meir, an specialist at INTL FCStone in a analysis observe.

"While reducing may be predicted, traders are still stuck with the concern of not understanding exactly when such the transaction will be given."

Spot MCX gold edged down 0.3 percent to $1,580.03 an ounce by 0643 GMT, after losing about half a percent on Tuesday. MCX Gold has gained about 1 percent so far this year, after posting a 10-percent rise in 2011 on safe-haven flow as investors fretted about the euro zone debt crisis and a U.S. debt ceiling crisis.

Technical analysis suggested that spot gold will be trading sideways between $1,571.16 and $1,599 an ounce during the day, said Reuters market analyst Wang Tao.

Industry members have been concerning about the so-called "fiscal cliff", mentioning distinct investing reduces and tax outdoor hikes that are planned to take position at the begin of next season if the Bush-era tax reduces end without congressional activity.

Bernanke told lawmakers it was essential to find a way to avoid the fiscal cliff, warning it could tip the already weak economy into a recession.

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