AHMEDABAD (Commodity Online): MCX Gold future rebound from bottom levels at 19300 in last two days due to continuous buying by investors and speculators in local market due to festival demand.
In last session, gold prices ended on negative note at 19469 due to fear of Fed meeting which was held yesterday evening. Gold futures tested lower levels till 19300 in evening session but buying sentiment keep gold price upbeat.
MCX Gold three-month December delivery contract opened edge up and covered most of the losses of past three days in the morning trades today, climbing to week's high of 19769 per 10 grams.
Yellow metal is also in high demand in Indian markets due to peak festival week, with Diwali and Hindu New Year celebrations ahead this week.
Festival demand in Indian market kept down-trend constrained even after yesterday's heavy fall in prices.
Gold is moving headway for good jump till 20,000 mark in coming weeks. I am expecting that tomorrow's release of US non-farm employment data will give more clarification for further trend in precious metal prices, informed Amrita Mashar, analyst with Commodity Online.
