MUMBAI (Commodity Online): Gold prices remained unchanged from its early downward manner on Thursday in the mid London trade as latest report by WGC on the global demand fall put pressure in the trading.
In accordance with global sentiments the domestic gold futures has also been dipped in today’s trade. At present, MCX gold futures are trading at Rs 14936, down Rs 1 from the previous close. a very thin range has been witnessed in the counter today though the Rs 14900 continues to act as a very good support.
The open interest has dipped by 3.80% so far today, indicating that some selling pressure is emerging as Rs 15K keeps proving itself as a mega upside barrier. Total worldwide gold demand during the second quarter fell 9 per cent compared with last year, said WGC.
Yesterday, gold settled higher as a weaker U.S. dollar and speculative buying continues to provide support for the yellow metal. Gold opened at 14889 on MCX.
Start trading in commodities from as low as $50. Join nowIt ticked lower on the back of weaker oil prices and rallying USD, slipping to its intraday low of 14843. The metal recovered from its lows as the EUR rallied and oil inventories fell short of expectation, carrying the gold to an intraday high of 15010.
Gold remained well supported near 14910 and traded sideways for the remainder of the session, finally settling at 14937.
Now support for the gold MCX is seen at 14850 and below could see a test of 14763. Resistance is now likely to be seen at 15017, a move above could see prices testing 15097.
