AHMEDABAD (Commodity Online): MCX Gold February contract slipped slightly around 0.2 percent as further improvement was cushioned on account of a weaker Rupee and touched an intra-day low of Rs27,845/10 gm till 4.30 pm IST today.
Taking cues from fall in gold prices and downside in base metals, Spot silver also traded lower by more than 2 percent yesterday. In addition to this, Dollar strength also acted as a negative factor for the white metal prices.
Deepening concerns with respect to Euro Zone debt worries along with weak sentiments in the global markets exerted upside push on the precious metals complex today.
Additionally, strength in the US dollar also pulled metal prices in the downward direction. However, apreciations in the Indian Rupee cushioned sharp fall on the domestic bourses.
MCX Gold April contract looks positive on charts and price may travel above 28500 in ongoing week with good support of 28000 rupees.
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