MUMBAI (Commodity Online): Gold prices remained stable in the international futures market on Monday as US dollar continued to its downward trend against the major currencies.
Firming global sentiments ignited the domestic gold futures to trade to hit a high of Rs 15936 per ten grams. COMEX Gold futures for December hit a high of $1058.30 an ounce and came off slightly to trade .at 1056.60, up $7.40 per ounce from previous close. Meanwhile, the US dollar made some rapid strides against the Euro and the Yen, exerting downside pressure on Gold.
Currently MCX December contract trades at Rs 15909, up Rs 72 per 10 grams from the previous close or nearly half a percent. A break below Rs 15900 may take the counter to Rs 15871-75 mark in intraday swing from hereon.
Trade commodities or equities from across the globe. Join NowGold is supposed to have formed a very strong base at $1000 per ounce, as there are define upside pressures stemming from a rise in inflationary fears, despite the fact that there are no concrete signs to suggest any imminent return to inflation.
Dollar is also expected to face a doomsday scenario very soon as textbook economics suggest that the US's persistent deficits in both the budget and current account raise the possibility that the dollar will have to correct lower to help cut the gap.
