AHMEDABAD (Commodity Online): On Monday, Gold prices had rebounded to its psychological level at 20,000 marks, as traders kept their eye on buying momentum.
Factors like U.S. economic data and China’s demand also impacted prices to trade at the higher levels. China's monetary tightening policy for interest rate put pressure on Metal commodities and Bullion prices surge to higher levels.
At MCX, Gold December delivery contract up by 0.30 percent, tested high at 20156 and recovered the all previous week losses in morning trades.
“Constant Weakness in Global equity market and weakness in Dollar Index support gold and silver prices to move ahead. Investors from global market shift their investment to risky assets to safe investment due to weak economy data from US, maintained Amrita Mashar, analyst with Commodity Online.
Investors in global market remained cautious ahead to US non-farm payrolls data due December first week. Traders are keeping eye on US data before taking fresh position. In account of weak US payrolls number, gold price may ease after actual data will release. Traders and investors are advised to trade with cautious, added Amrita.
Fundamentally, MCX Gold looks strong for long term. Long term targets set at 20,800 and above it, till 21,300 per ten grams in coming month. Buying at lowest can give best opportunity to earn profit in coming days.
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