CO:MCX Gold future boosted as phycial buyers active
AHMEDABAD (Commodity Online): Gold price have shows huge gains today morning with good buying volume in yesterday evening trade. Physical buyers grab this opportunity to buy gold as it was trading alomost 10 percent downside from its all time high levels at 26500.
On Friday morning, MCX Gold February delievery contract rose by alomost 1 percent to 27185 rupees per 10 grams. Support for contract seen at 27000 and resistance for contract looks at 27350 rupees.
Gold prices were weak from last few days on Selling activity ahead of market holidays. This caused an increase in speculative activity in Gold futures.
Precious metal prices are trading higher on international market today. “I am expecting Gold to extend its upward rally till 27700 rupees in coming weeks tracking strong physical buying in Asian market and overseas,” said Amrita mashar, analyst with Commodity Online.
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