AFP: COMEX Gold hovers at $740, gold surges at MCX
MUMBAI: Gold prices on Thursday started a new upward tour above Rs 12000 pr ten grams following the declination of Indian rupee against US dollar and firming global market reports.
COMEX Gold still hovers around $740 an ounce, extending the narrow sideways activity in the last few days. The counter may rise further in intraday moves though $747 should be an optimal level for intraday resistance.
MCX Gold futures hit a high of Rs 12073 per 10 grams and currently trade at Rs 12067, up Rs 119 or nearly 1 percent with a handsome 7.28 percent increase in open interest.
The U S Labor Department said that the consumer price index was down 1 percent in October and up 3.7 percent from a year ago. It was the largest monthly drop on record going back 61 years, thanks to lower gasoline prices.
