it Seen tha MCX Gold may Paus After Adding Rs 900 In Last Two Weeks
Gold futures hit four week high around $1290 per ounce levels. Traders are expecting that the local retail buying would kick off at the current price levels of around Rs 28500 per 10 grams. Gold imports have witnessed a lean patch in recent months and global retail buying also remains tepid( crude oil free tips ). Local precious metals industry is worried about the import tax on Gold and participants are opining that the tax needs to be trimmed to around 5 from current 10. A latest World Gold Council update noted that Indias gold demand fell by 24 to 145.9 tonnes in the third quarter (July September) 2017 versus demand of 192.8 tonnes a year ago same period.
European stocks edged up amid light trade across markets worldwide due to the holiday period. The US dollar is holding around its four week lows against a basket of major currencies amid thin trading after the extended Christmas weekend( crude oil free tips ). The dollar index is quoting at 92.70 levels amid mixed equities. No major economic triggers have been hitting the markets on either side of the Atlantic.
The local MCX Gold futures are trading at Rs 28924 per 10 grams, up 0.33 on the day as the recent upside continued for the counter. A break above Rs 29K could lift the sentiments in near term though next few sessions could see muted action as the prices have run up nearly Rs 900 per 10 grams in the last two weeks( crude oil free tips ).