Gold prices continued to dip for the second straight on Tuesday following profit booking by speculators out of its early gains. The yellow metal surged to its ever time high in the last week.
However, today the gold futures opened with marginal gains on the MCX counter. Near month February contract stood up by 0.15 percent to Rs 14011 per ten grams while April and June contract up by 0.1 percent and 0.09 percent respectively. Meanwhile, MCX gold spot prices stood at Rs 14262.39 per ten grams.
MCX April expiry Gold contract closed at Rs 13989 per 10 grams down Rs 225. Supports for the contract are at 13900 levels. Resistances are at 14100 levels.
Analysts said, gold's drop came despite the fact that the dollar suffered a setback versus other major currencies on Tuesday in New York after the Bank of Japan announced a new stimulus plan, fueling a bit of risk appetite and a move back into the oversold euro and sterling.
