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MCX Gold Flares Up Above Rs 32400, COMEX Futures Consolidate Around $1750

Capital Market/ 18:09 , Nov 26, 2012

MCX Gold futures are trading in a positive manner today, hitting fresh all time highs above Rs 32400 per 10 grams as a weak Rupee and upbeat global cues supported the sentiments. The commodity has raced up in last couple of sessions in the global markets following the weakness in US dollar and hit a six-week high of $1755 per ounce on Friday. The metal consolidated around $1750 per ounce levels today and currently trades at $1749.90, down $1.50 per ounce on the day. 

Gold stayed supported in Asian trades but failed to surpass its Friday's highs. Asian shares edged up on the hope Greece can avoid a near-term bankruptcy, with euro-zone finance ministers meeting later in the day, but a regional Spanish vote favouring separatist parties clouded Madrid's push for fiscal austerity. US stocks had ended with strong gains in holiday-thinned trading Friday, buoyed by encouraging economic data from Germany and China, as American consumers headed to retail stores to take advantage of Black Friday promotions

Euro-zone finance ministers will meet again today to try and reach an agreement on conditions to release the next tranche of financial aid for Greece, whose debt and budget troubles have rocked markets world-wide over the past few years. At an extraordinary meeting held on 20 November 2012, euro-zone finance ministers failed to reach an agreement on conditions to release the next tranche of financial aid for Greece.

China's economic growth will pick up in the fourth quarter after slowing for seven consecutive quarters, due to booming domestic consumption and increasing infrastructure investment, according to a media report released Sunday. The world's second largest economy is expected to grow by 8.4% year-on-year in the October-December period, up from the 7.4% growth seen in the third quarter, the lowest level since the first quarter of 2009, according to the report released by the Institute of Economic Research of Renmin University of China.

However, the European equities are trading slightly lower ahead of the critical meet and Gold has also dropped slightly on the day. MCX Gold futures are trading at Rs 32435; up Rs 187 per 10 grams on the day with 2.40% increase in the open interest. The counter had surged to a high of Rs 32464 per 10 grams earlier in the day.

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