AHMEDABAD (Commodity Online): Gold futures surged to 27589 on wednesday yesterday indian market where closed on thurseday due to Republic day holiday.
MCX Gold jumped to the highest level in more than six-weeks, adding to strong gains made in wake of the Fed Reserve’s pledge to keep rates lower for longer. Afte this news, USD came under presurre which helped Gold and Silver futures to stay higher before repulic day in India.
Bernanke said that policy makers were “prepared to provide further monetary accommodation” and added that bond buying is “an option that’s certainly on the table.”
Technically, Gold is looking positive on charts till than price sustaining above 27000 rupees per Kilogram. On friday morning, Precious metals edge higher as International Silver and Gold tracks bullish way from beginning of the week.
MCX Gold February Delivery contract rose by almost 1 percent to 28084 rupees per 10 grams. Strong buying will be there above 28000 marks in intraday session. Overall, trend is looking positive for coming weeeks with strong support of 27500 rupees.
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