MUMBAI (Commodity Online): Gold prices eased from its peak level as US dollar recovered slightly in the global futures market Tuesday. Gold prices fell above $10 in mid London trade today.
MCX gold futures also corrected from the high of Rs 17021 per 10 grams levels. A fall below Rs 16900 will be very bearish for the metal and it may fall towards Rs 16851 & 16777 levels.
Today the December counter surged to an all time high of $1141.3 per ounce in the Asia electronic session. The counter has surged more than $90 in less than 20 days.
Start trading in commodities from as low as $50. Join nowGold have extended record highs yet again as rising risk appetite and a weak U.S. dollar continue to be a reliable combination for gold bulls. Gold opened on its lows at 16824 on MCX.
The metal turned offered after rallying to all new highs overnight. Equity markets later rallied and the dollar retreated helping gold climb from its lows. The metal was well bid during the morning, finding resistance near 16880.
However the dollar rallied due to a speech delivered by Chairman Bernanke, making reference to the Fed's desire to bolster confidence in the USD, causing gold to tumble.
