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Thursday, January 22, 2009

Gold Drops Slightly On MCX

Marginal Gains Seen On COMEX

Gold dropped slightly on Thursday to track a weaker euro, but strong investment demand was likely to support prices, with ETF holdings hitting another record as fears about a worsening global recession lingered. Gold was trading at $ 855.90 an ounce, up $ 5.80 when last seen.

MCX Gold is at Rs 13415 per 10 grams down Rs 45 as against Rs 13460 on Wednesday.

On economic front, the Eurostat said Eurozone's industrial new orders dropped 4.5% month-on-month in November, after falling a revised 5.7% in October. Initially the October decline was reported as 4.7%. Economists had predicted a decline of 5% for November. Industrial new orders, excluding ships, railway and aerospace equipment decreased 3.4% in November.

Dollar is now trading at 1.2992 against the EURO. Further decline is likely in EURO from hereon. Rupee is at 49.15, still maintaining its weak trend against the Dollar.

Gold prices closed lower on Wednesday and returned some of a rally from the prior session. A stronger U.S dollar reduced the precious metal's hedge value. COMEX February gold closed down $ 5.10 at $ 850.10 per ounce. The metal hit as low as $ 843 during intraday trading.

In energy trading, light sweet crude for March delivery is at $ 44.79 up by $ 1.2 from last night. Traders are awaiting the Energy Information Administration's weekly inventory report due today.

source: Capital Market
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