U.S. gold futures for April delivery settled down $1.60 at $1,604.50 an ounce. Gold prices were down as fears eased in the euro zone after Cyprus struck a deal with the European Union wiping out fears of a financial meltdown. However losses were limited after the leader of euro group finance ministers said that similar deals could be used for other troubled nations in euro zone, thus creating uncertainty.
Holdings of SPDR Gold Trust GLD, the world's biggest gold-backed exchange-traded were unchanged at 1,221.26 tonnes from a day earlier. Gold prices are expected to go down as improving outlook for US economy and a stronger dollar internationally is likely to put pressure on prices. Gold in India is also expected to go down. However a weaker rupee can limit the downside in prices Gold for April delivery on the Multi Commodity Exchange (MCX) was down by 0.35percent at INR 29,588/10gms.
MCX Gold (April): Sell- Rs 29650-29700, stoploss- Rs 29750, target- Rs 29400
No comments:
Post a Comment