Gold Updates, Gold news today

Advisory Data:-

Gold futures consolidated around $1770 per ounce today, eking out small gains in early European trades after the massive sell off in the last session. The US dollar continued to consolidate around 1.2900 mark against the Euro after hitting its near two week highs yesterday amid a barrage of weak economic data. The Dollar has edged up this week, broadly maintaining its positive movement from the lowest level in five months as global equities retreated after the recent enthusiasm after an array of week economic data last week and Spain reportedly stated that it is in to rush to seek outside financial aid. COMEX Gold witnessed an intraday recovery in New York last night, bouncing from lows of $1755 per ounce levels. The metal quotes at $1770, up six dollars on the day right now.
The Eurozone economies worries continue to hurt sentiments in world markets. The German Ifo index, a key gauge of business confidence, dropped for a fifth month in a row in September, data out yesterday showed. The companies surveyed are again less satisfied with their current business situation. They also expressed greater pessimism about the future. The curbing forces on the German economy continue to prevail. The index clocked reading of 101.4 for the month against a maket forecast of 102.3. The Ifo expectations part of the index, which tracks outlooks by German business managers for the next six months, hit 93.2 in September versus a reading of 94. 2 for August. The Ifo is based on a survey of 7,000 firms in manufacturing, wholesaling and retailing. The index's decline marked its fifth successive fall.
Greece faces a budget shortfall of about 20 billion euros ($26 billion) to satisfy international conditions for emergency aid, almost double previous estimates, German magazine Der Spiegel reported Sunday, according to media reports. The US Dollar edged up further today on these cues yesterday, broadly maintaining its positive movement from the lowest level in five months as global equities retreated after the recent enthusiasm after an array of week economic data last week and Spain reportedly stated that it is in to rush to seek outside financial aid.
COMEX Gold continued to explore new highs and surged towards a fresh seven month high near $1790 per ounce on 21st September amid excellent buying support but seem to be under a bearish spell now. The metal surged in last few weeks as the US dollar wilted and commodity prices and global equities rallied. Gold futures advanced sharply after the US Fed said that it would buy $40 billion of mortgage-backed securities each month until it starts to see the labor market pick up.
The yellow metal witnessed some buying in the floor trades in New York and edged up above $1760 per ounce. The metal added to these gains after an initial spell of moderation in Asia. MCX Gold futures dropped heavily yesterday, testing lows under Rs 31300 per 10 grams in intraday moves. Some recovery was witnessed in the counter and it closed at Rs 31433, down Rs 73 per 10 grams with 5.43% drop in the open interest. The counter eased from highs above Rs 31500 today and currently trades at Rs 31471, down Rs 35 per 10 grams on the day. The Indian currency is off its four-month highs near 53 per US dollar today but is holding firm amid small gains in local equities.