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Wednesday, December 30, 2009

Gold Falls Sharply For The Second Consecutive Day

MCX Gold futures dropped sharply in the Asia trading session today as dollar had across the board rally. 

MCX February gold futures fell to as low as Rs 16661 per 10 grams. It has fallen nearly Rs 150 on the closing basis since the start of week. It may shrink to 16630 and 16555 levels today.

Asian shares were mixed Wednesday in holiday-thinned activity, with Korean shares pressured by concerns of a liquidity crunch at two of Kumho Asiana Group's units.

An ounce of gold on the Comex Division of the New York Mercantile Exchange fell below $ 1100 mark and is trading down $2.3 at $ 1094.7. A break of $1092 may take it to 1083 levels.

The US dollar is trading higher against all the major currencies today. Against the Euro it has rallied by nearly 1% from dollar's yesterdays low of 1.4458 per Euro. The Japanese has been on a downtrend since the end of November and it has lost 0.5% against the dollar in the week so far. It has fallen by nearly 9% since end November thereby fueling rally in the equity markets and other risky assets and reducing the appeal for safe haven assets
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