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Gold Looks Slippery, Dollar Cruises On

Capital Market/ 18:35 , Feb 08, 2013

MCX Gold futures for April added modest gains today even as the world markets moved in a very narrow range as a weak Indian rupee had a trigger effect. The COMEX futures had witnessed an impressive turnaround in the last session but failed to replicate the performance today and drifted lower in intraday moves. The counter stayed pressed amid a mostly depressive day for global equities and dropped from a high of $1674.30 per ounce in European trades to quote at $1670.30, down $1 per ounce on the day. 

Asian markets dropped after Consumer price inflation in China rose more-than-expected last month. In a latest report, National Bureau of Statistics of China said that Chinese CPI edged up to an annual rate of 1.0%, from 0.8% in the preceding month. This pulled markets off their recent highs. The European equities are quoting on a positive note right now though. 

Gold has been finding it difficult to hold into its highs in recent times and the current correction could led to further sell off yet again. The US dollar has gained impressively in last few days and was on the winning track yet again today, hitting near two week high against the Euro. MCX Gold futures have slipped from a high of Rs 30841 per 10 grams and currently trade at Rs 30790, down Rs 6 per 10 grams on the day. The Rupee pared nearly 30 paise today to quote around 53.50 against the US dollar right now.

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