AHMEDABAD (Commodity Online): Gold futures came under pressure slumping to a one-week low as US Dollar witnessed renews buying on mounting concern over the global economic outlook.
Investors and speculators in international market sell their Gold to raise liquidity o domestic market, in Indian market rupees show weakness.
MCX Gold December delivery contract close 27527 rupees after touching below levels at 27087 rupees. On Wednesday morning, MCX Gold delivery contract rose by 0.44 percent to 27700 rupees per 10 grams.
Gold is considered a refuge from financial risk, but prices can drop amid a market-wide selloff as traders sell profitable holdings to raise cash and cover losses elsewhere. Some bargaining near 27000 rupees may help Gold to stay on positive direction for coming days, informed Amrita Mashar, analyst with Commodity Online.
In international market, most of the traders awaited a number of key events scheduled for later in the week, which could affect prices in wide ways.
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