Gold, which spurred in the morning trades has lost its shine till the evening as the traders have squared off their holdings ahead of New Year holiday tomorrow. Rising geopolitical tensions lead to elevation in Gold. MCX Gold near month contract gained by more then Rs 70 since the start to hit its resistance of 10720 before faltering back to Rs 10598 per 10 grams.
Gold futures fell for the first time in six days on Monday, as the dollar, which tends to move in the opposite direction of gold, rose for the first day in six against a basket of major currencies. Gold futures for February delivery lost $3.7, or 0.4%, to $839 an ounce on the New York Mercantile Exchange. It fell to an intraday low of $836.1 earlier.
The dollar index, which tracks the value of the greenback against a basket of major currencies, moved up for the first time in six days. The dollar also gained against the euro. The same is now quoting at 1.4594 against the EURO. This week, the markets will kick of 2008 with a series of heavy-hitting economic reports. The markets are closed today for the New Year holiday.
Gold futures fell for the first time in six days on Monday, as the dollar, which tends to move in the opposite direction of gold, rose for the first day in six against a basket of major currencies. Gold futures for February delivery lost $3.7, or 0.4%, to $839 an ounce on the New York Mercantile Exchange. It fell to an intraday low of $836.1 earlier.
The dollar index, which tracks the value of the greenback against a basket of major currencies, moved up for the first time in six days. The dollar also gained against the euro. The same is now quoting at 1.4594 against the EURO. This week, the markets will kick of 2008 with a series of heavy-hitting economic reports. The markets are closed today for the New Year holiday.
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