On Tuesday gold continued its bullish run and in the domestic market increased by Rs160 to Rs13,205/10grams.
February gold on the Multi Commodity Exchange of India (MCX) opened at Rs13,155/10 grams on Wednesday, while it had closed at Rs13,205/10 grams on Tuesday.
“A weaker rupee was the key to trading in MCX on Tuesday. Gold was volatile and found sellers are higher prices,” a report from Insignia Consultants said.
“Trading volumes will fall for the rest of the week as traders go on leave for Christmas and New Year vacations. On Wednesday technically gold is in a neutral zone,” the report stated.
Giving a technical view, Chintan Karnani of Insignia Consultants said Gold February contract on COMEX (New York Mercantile Exchange’s Commodity Exchange) needs to fall below $826/ounce or break $856/ounce for direction till then it will trade in a wider $30 range.
