Gold recovered from the early lows as Euro gained against the USD from the previous losses, short covering and bargain buying ahead of the weekend. The Euro was quoting higher at 1.255 against the USD, up 0.08% over the last day close. Euro traded in the range of 1.2564-1.2518 Euro against USD. Gold slumped sharply on the Thursday in the U. S trading sessions on the back of gaining strength in the USD. The Euro ended down 1.21% while Gold ended down by $50 per troy ounce. The COMEX Gold for the August delivery was trading up at $1570.2, up $4.7, after moving in the range of $1573.2-1560.2 per troy ounce. Silver July contract on COMEX was quoting up at $26.860, up $0.021 per troy ounce. Silver moved in the range of $ 26.995- 26.565 per troy ounce. The NYMEX Crude Oil was quoting up at $78.74, up $0.54, after moving in the range of $ 79.01- 77.56 per barrel. Life time low in the local currency against the dollar supported the uptrend in the local gold prices. MCX Gold August delivery ended the last day down by Rs 446 or 1.47% at Rs 29,841 per 10 grams on Thursday. The counter gained on bargain buying with August delivery quotes up at Rs 29,943, up Rs 99 or 0.33% over the last day close. The counter traded in the range of Rs 30019-29760 per 10 grams. Technically, the counter is likely to find next resistance at Rs 30,260, Rs 30,340 and support is at Rs 29,760, Rs 29,650 per 10 grams.MCX Silver futures ended the last day down by 3.06% at Rs 52,898 per 1 kg on Thursday night. The counter is currently trading at Rs 52,837, down Rs 57 or 0.11% over the last day close. Indian Rupee dropped to fresh low with breaching the Rs 57 mark against the $, with the counter moving in the range of Rs 57.325-56.748 against USD. The counter is currently trading down by 1.48% at Rs 57.15 per USD.
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