COM: India: Gold in holding mood, may rise from bottom
AHMEDABAD (Commodity Online): Gold futures sought for bargaining to stock up for festival demand on Friday morning trades, prices fell more than at 1.20 percent per gram at Multi Commodity Exchange.
A weaker rupee played vital role to put pressure on buying sentiment in local market, keeping uptrend limited.
Gold futures has fallen sharply in last two days due to weak global cues on concerns from European economy. It has been observed that European governments are struggling to finance themselves, which boosted the dollar against the euro, eroding the metal’s appeal as an alternative asset, informed Amrita Mashar, analyst with Commodity Online.
Gold future looks in a hold mood for now, price is expected to correct till 20,000 from here before starting new Bull Run from here. Overall trend looks upside but traders are adviced to wait for right opportunity before jumping into new deals.
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