MUMAI: Gold prices succumbed to the global market pressure because of the rise in US dollar in Forex markets. However, some short covering was witnessed in the domestic markets yesterday at the bottom level during day, later dropped.
MCX gold for February expiry which was at one time trading at Rs 12436 per 10 grams ended the day at Rs 12607 down Rs 77. Supports for the contract in today's session remain at 12400 levels. Imports of Gold had been severely affected due to fall in Rupee against the Dollar. Rupee is now at 49.88 against the Dollar. Resistances for Gold are at 12750 levels.
COMEX Gold prices edged slightly higher on Tuesday after a sharp sell-off on Monday. February gold closed at $ 783.30, up $ 6.50 on the session.
