MUMBAI: Gold prices corrected after shining in the morning trade on Tuesday at the MCX counter. MCX Gold is now trading at Rs 14000 per 10 grams down Rs 72.
COMEX Gold futures rose 1.5 percent Monday to extend their winning streak to three, moving above $900 an ounce and closing at the highest level seen in four months, as a weaker dollar enhanced the metal's investment appeal.
Gold for February delivery ended up $13 to stand at $908.80 an ounce on the COMEX division of the NYMEX, the loftiest closing price for a front-month contract since September 22.
Gold had fallen in the first half of January, mostly playing off a stronger dollar. The benchmark contract dropped to nearly $800 an ounce as recently as Jan. 15. As the greenback slowly weakened and as investors bought gold for wealth preservation, gold prices rebounded. Gold has gained more than $100 since Jan. 15.
For MCX Gold, contract will find resistances at all time high of 14170. Supports are at 13970 levels.
