CO:Gold down on global economic turmoil and US dollar appreciation
Ahmedabad : Gold opened down today at 1574.2 as compared with previous close of 1574.8 and nearest support call is looking around 1531. The main cause of slippage in yellow metal is strengthening of US dollar against other currencies and sell-off before the year end on the occasion of Christmas.
Although weakening of Indian rupee is little bit baking MCX gold but that is temporary looking into the macro economic scenario and global financial turmoil, precedented by Euro zone.
MCX gold is having support near Rs. 27200 and the next platform where it is expectation to take U-turn is at Rs. 26700. If it is unable to break the price level of Rs. 28200 it may not come in buying side atleast for the near term, says Hardik Jani, research analyst with Commodity Online.
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