MUMBAI (Commodity Online): Gold prices rebounded in the domestic futures market on Friday in line with firming global sentiments as COMEX gold broke above $950 mark in the Asian electronic session triggered by dip in dollar against euro.
MCX October gold futures are up Rs 23 at Rs 15050 per 10 grams. It may face a stiff resistance near Rs 15070 levels with a support near Rs 15025 levels.
An ounce on Gold on COMEX division of the New York Mercantile Exchange is trading up $3.5 at $ 950.8. It may face a upside cap around $ 952 levels.
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Data releases today include UK's revised GDP, US consumer confidence, core PCE price index, personal spending and income, revised consumer sentiments.
Gold finished with a small gain in activity so quiet that it's almost like a pre-holiday trade. Gold opened at 15024 and traded erratically in a range, touching an intraday high of 15064.
Slumping equity markets and weaker oil inspired investors to sell the metal. Support was found near 15060 but it remained offered and slipped to an intraday low of 14980. Gold recovered from the lows as both oil and equity markets made back lost ground, finally closing at 15027.
Now support for the gold MCX is seen at 14983 and below could see a test of 14940. Resistance is now likely to be seen at 15067, a move above could see prices testing 15108.
