Gold reverted small losses in the Asian trades and moved higher in London as the buying momentum kicked right back into action even as the sentiments across asset classes remained mostly flat ahead of a Holiday in US. The commodity witnessed some profit selling in Asia as the equities hold on to their recent upward nudge but soon pared its losses. Gold added decent gains in the week, easing slightly from its two-month highs but managing to close above $1250 per ounce mark.
Gold futures remained lower after better-than-expected U.S. payrolls data on Friday, but minimized losses by the end as the ISM service sector data came in weaker than forecast and the dollar eased slightly. COMEX December gold futures shed $2.30 to closed at $1,251.10 an ounce on the COMEX division of the NYMEX, after hitting a high of $1,255.60.
MCX Gold futures rose sharply during last week but then gave away some of the gains in the last session on account of some profit selling in the global markets and fell to its one week intraday low of Rs 18850 per 10 grams on Friday. However, buying picked up thereafter and the prices closed at Rs 18971 per 10 grams today, up Rs 77 or 0.40% from the previous week.
COMEX Gold rebounded from a low of $1248.60 per ounce and currently trades at $1251.10, unchanged from the previous close. MCX Gold quotes at Rs 18983, up Rs 12 or 0.06% on the day. Upside looks capped at Rs 19000 levels
