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Tuesday, June 22, 2010

Diverse Trades Seen In Domestic & International Gold

Opposite movement was seen in domestic and international bullion futures today with the respective currencies playing the key role in determining the momentum. Gains in the US dollar pressurized the COMEX gold futures, which fell below $ 1235 levels. On the other hand the overseas gains in US dollar weakened the Indian Rupee, which in turn protected the domestic commodities from falling. 

U.S. stock index futures dipped on Tuesday as investors took a more cautious view over China's vow of more yuan flexibility, while data on home sales was on tap later in the morning.

Most active august gold futures on COMEX lost nearly $ 8 falling as low as $ 1233 per ounce. The traders may watch for next support around $ 1229 levels.

On the contrary MCX August bullion is trading over Rs 60 at Rs 18610 per 10 grams. The counter needs to break the range of Rs 18650-18540 for direction. A fall below Rs 18540 may take it to Rs 18500 and Rs 18440 levels.

MCX July Silver futures fell to as low as Rs 29283 down Rs 85 per kg. The commodity may find next support at Rs 29250 levels, a break of that may take it to below Rs 29140-100 levels.
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