MUMBAI (Commodity Online): Gold futures initiated higher in the domestic futures market on Thursday despite a weak global sentiments, against waning Indian rupee. Gold traded down in the Asian trade in line with sharp decline in Asian equity.
MCX December bullion futures are trading higher supported by the weak Indian rupee following the foreign outflows. The domestic counter breached above the Rs 16000 mark and looks headed towards 16100 levels. The traders may enter long on dips with target of Rs 16060 & 16100 and stop loss of Rs 15930.
COMEX Gold futures are trading down $ 5.9 at $ 1058.6 per ounce. The counter may face a resistance near $ 1070 levels today.
Start trading in commodities from as low as $50. Join now
Gold, little changed in Asia, may climb for a second day as a drop in global equities and dollar weakness prompts some investors to purchase the metal to preserve their wealth.
Holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by the metal, fell for the first time since Oct. 7 to 1,108.09 tons yesterday, after being unchanged for the past nine days.
The trust’s holdings are 2.3 percent from the record 1,134.03 tons reached June 2.Now support for the gold MCX is seen at 15811 and below could see a test of 15767. Resistance is now likely to be seen at 15942, a move above could see prices testing
