CO:MCX gold trades lower by 0.80% on Dollar strength
MUMBAI (Commodity Online): MCX Gold is trading down by almost 0.80% on Monday morning after Japanese intervention Lead to a stronger dollar.
MCX gold December is trading at Rs 27337 after opening at Rs 27510 while Comex gold December is trading at $1719, down $27.3
-Japanese government intervened in the foreign exchange market to weaken the Yen. This sent the dollar on a surge of 1% against a basket of currencies. Stronger dollar exerts pressure on dollar denominated commodities like gold. Comex prices had risen to $1746 only to fall down to currently trade at $1719.
Technical target by Angel Commodities for October 31
Support seen at Rs 26620 and Rs 27103 while Resistance expected at Rs 27658 and Rs 28292
