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- Base metals, Crude Oil may trade lower on weak China PMI data; Gold, Silver to be positive
- Spot gold prices increased by 1.58 percent on the back of weak Dollar Index. Further, weak stock markets increased the demand for precious metal as protection of wealth.
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By Amrita Mashar
Gold on the MCX for April delivery opened lower due to technical selling as the prices slid through support at $1,650 an ounce in international market. After the breaking of important level, investment appetite for physical metal dropped in the early trading session.
In Indian market support is there because the rupee weakened to a two-week low, dropping for a fourth straight session, as USD demand from oil firms and other importers weighed.
Intra-day Outlook
MCX Gold for April delivery is likely to trade bearish for today's trading session. The commodity has an important support at 30500 and resistance at 30700 for the day.
Traders are advised to sell the commodity near 30650 with stoploss of 30720 for target near 30550.
Traders are now looking forward for the meeting of Group-of-20 finance ministers in Moscow later in the week. The meeting may feature discussions on competitive currency devaluation.
Meanwhile a top US treasury official said Group of 20 nations or G20 must avoid currency devaluations.
The growth of the global economy has been “weak and vulnerable to the downside” she said.
The group of 20 nations (mostly comprising of developing economies) must promote transparency in exchange rates, said Lael Brainard, the U.S. Treasury’s under secretary for international affairs.
U.S. President Barack Obama's State of the Union speech is also awaited by the market players.
Gold futures on the Comex for delivery on April 13 was spotted trading at $1644.75 an ounce, a loss of $ 4.35 or 0.26%as of 12.41 PM IST. On India's MCX, futures for delivery on April 5 was seen trading at Rs.30612 , a loss of 0.09% in the opening minutes.(Amrita Mashar is Research Analyst, Commodity Online)
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