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Wednesday, June 30, 2010

Gold Falls In India; Steady On COMEX

Indian gold futures fell later in the session today, however international gold futures were trading steady on COMEX supported by nearly 1% drop in the US dollar. 

U.S. stock futures pointed to a partial bounce after the last session's hammering, helped after European banks sought a smaller amount of central bank loans than markets had anticipated. But a report on jobs looms as worries about the global economy intensify.

The euro rallied after the results of the ECB tender. S&P 500 futures rose 8.5 points to 1,043.90 and Nasdaq 100 futures added 12.5 points to 1,776.00. Futures on the Dow Jones Industrial Average rose 63 points.

Indian gold futures on MCX for August delivery are trading down over Rs 45 per 10 grams. The commodity slipped to as low as Rs 18801. The traders may sell it on break of Rs 18800 with the target of Rs 18730 and Rs 18675 levels. The stop loss may be placed near Rs 18870-80 levels.

Most active August gold futures are trading up nearly $ 2 at $ 1244 per ounce. The traders may sell it again with the target of $ 1235 and $ 1230 levels.
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