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MCX Gold futures are trading in the negative territory, tracking the steep losses in the global prices and worries over demand in the near term. The metal has been trading lower in the last few days and tested a one month low on COMEX yesterday as the downward correction extended further amid sound US retail sales numbers and a surge in the US equities. COMEX Gold futures are quoting at $1738, nearly unchanged on the day.
The yellow metal has witnessed a sizeable fall in last two sessions, shedding nearly 50 dollars per ounce amid a flurry of profit selling as the inability of the metal to break above $1800 per ounce levels had a depressing effect on the sentiments. The commodity normally follows risky assets and yesterday's massive jump in stock markets should have helped it. However, the persistent worries over Indian demand scenario in the just about to get underway-festive season are making futures market traders take it easy.
Meanwhile, the US retail sales were boosted by the launch of iPhone 5 and registered 1 a rise of 1.1% in September. Equity markets were further boosted on media reports that Spain is ready to make a formal request for aid, allowing the European Central Bank to buy its sovereign debt, but is delaying an announcement due to concern about the effect on other euro-zone members.
Asian shares are trading higher on a steady note and some buying has emerged in Gold as well. While this has helped it gain some ground from its one-month low levels of $1728 per ounce, the fall in last two sessions has done a considerable damage. The local MCX Gold futures broke under Rs 31000 per 10-gram mark yesterday and extended this drop further today. The metal quotes at Rs 30869, down Rs 108 per 10 grams or 0.35% with 2% rise in the open interest. The counter had dropped more than Rs 300 yesterday.
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