Mcx Tips Gold

Gold prices in India, one of the world’s leading consumers, edged higher today on a weak rupee, keeping demand muted as there was not any festival in the short-term to lure buyers.

The most-active gold contract for August delivery on the Multi Commodity Exchange (MCX) was up 0.31 percent at Rs 29,563 per 10 grams by 6pm.

The rupee, which closed down 0.2 percent on Wednesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

International gold held near two-week highs on Wednesday and was set for its second successive weekly gain, thanks to a modest decline in the dollar that may sharpen investor appetite for the metal.

“Buyers are not comfortable with the current price. Jewellers, investors all are waiting for correction,” said a Mumbai-based dealer with a private bank dealing in bullion.

“And no one is in a hurry. The wedding season is almost over. There is no festival in the short term.”

Poor rainfall in most parts of the country is also weighing on sentiments as monsoon rains are vital to incomes in rural areas, which contribute to 60 percent of gold imports, dealers said.

Mcx Tips  from Money CapitalHeight:

Gold held steady around $1,615 an ounce on Thursday, as the anticipation of a rate cut by the European Central Bank offset the impact of a stronger dollar. 

Spot gold was little changed at $1,614.79 an ounce by 0020 GMT.

U.S. Gold futures contract for August delivery edged down 0.4 percent to $1,615.60.

Commodity Market Outlook:

• Gold holds near two-week highs
• Silver was last down 0.3 percent at $28.11 an ounce.
• Copper slid on Wednesday from a 7-week peak
• ECB expected to cut interest rate by 25 basis point.

For More Mcx Tips you can visit our website: http://www.capitalheight.com/