Comex Gold futures are trading with marginal gains yesterday’s intense fall allure investors to buy the commodity. However the Indian gold futures on MCX were trading with losses as Rupee rose to as high as 41.82 against the US dollar.
The surge in the global equities and slight moderation in geopolitical tensions over Iran’s nuclear issue is also pressuring the gold prices as its safe haven demand is decreasingThere are flurry of economic data releases from Europe today and this may cause volatility in the Gold futures today. The crucial data includes French, German & Euro Zone manufacturing PMI, German IFO Business Climate & Expectations Index. Data from US includes just the existing home sales data and speech by the FOMC member Geithner.
COMEX Gold futures for August delivery are trading with the gains of $1.7 at $924.5 an ounce. The counter may get a boost in the intraday trades today taking into account yesterday’s massive fall. The day traders may enter short around $930 level with the stop loss around 935 levels and the target of 915.
MCX Gold futures for the benchmark contract are trading down Rs 50 at Rs 12594 per 10 grams. The traders may enter short on spurt in the prices with the profit target of 12475. In other related news, gold production of Newcrest Mining Ltd declined 6% during the fourth quarter to 435,120 troy ounces as compared to the same period last year as a gas outage slashed output at its flagship Telfer mine in Western Australia.
Gold production for the year ended June 30 was a record 1.78 million ounces, as expected when allowing for Telfer's 20,000 to 25,000 ounce shortfall.
Meanwhile, Gold production in India during April to June declined to 2.36 tonnes against 2.52 tonnes during the same period a year earlier according to Ministry of Mines.
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