4/05/2011 06:37:00 PM
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MCX Trend
Spot Gold prices came under pressure by 0.4 percent today, mainly due to strength in the US dollar. But sharp declines were cushioned on account of poor sentiments in the global equity markets. Prices touched an intra-day low of $1429.60/oz and were hovering around $1431.40/oz till 4.00 pm IST. Depreciation in the Indian Rupee led gold prices to trade with a positive bias on the domestic bourses. Prices touched an intra-day high of `20796/10 gms and were trading at `20,710/10 gms today.
Bullion Review
Silver jumped to its highest since early 1980 on Tuesday on inflation concerns, a rise in ETF holdings to another record and growing industrial demand, while gold hardly moved as the euro held below this week's five-month high versus the dollar. On Monday, Gold futures edged higher and silver soared 2% Monday as oil prices at 30-month highs stoked fears of inflation and helped fuel investment demand for the precious metals. Gold for June delivery added $4.10, or 0.3%, to $1,433 an ounce on the Comex division of the New York Mercantile Exchange. Silver for May delivery climbed 76 cents to settle at $38.49 an ounce, the latest in a string of 31-year highs.
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