my and said that European Union is committed to the Euro’s stability.
The Euro gained 0.42% to $1.1973 against the dollar. Equities remained mixed and dicey. The benchmark MSCI world index for stocks closed 0.39% up.
The SPDR Gold Trust increased its holdings by 12.17 tonnes to 1298.53 MT yesterday.
MCX gold posted relatively lower returns as rupee appreciation limited gold’s gains. MCX gold rose to its fresh all-time high of Rs. 19,198/10 gm and thereafter, prices fell to close at Rs. 18,991/10 gm, 0.16% up. Indian rupee gained 0.32% to 46.9450 against the dollar.
Outlook
Gold fell nearly $7 to $1236/oz during early Wednesday trades in Asia, as many investors decided to take some money off the table after the metal visited all-time high levels yesterday.
Today, there are no major economic data, except US wholesale inventories, which is expected to rise 0.4%. Markets may take cues from currency movements and equities. Gold may remain low in Asia with momentum picking up later from European hours. Safe haven buying will continue to boost gold prices. KCTL recommends buying at dips for the day.
Asian equities are also trading lower despite Wall Street closed higher yesterday. Equities will remain dicey for the day.
