Gold Tips

MCX Gold futures neared Rs 31500 per 10 grams in intraday moves, amid a volatile movement in global prices as a strong Indian Rupee accentuated the selling pressure on local commodities. The COMEX Gold futures managed to recover from lows under $1720 per ounce as a hugely positive undertone in the risky assets supported the metal after its recent drop of nearly $45. The metal now trades at $1724, up $7.50 per ounce on the day.

Equities edged higher around the world today on upbeat overnight cues. US stocks surged yesterday after US President, Barack Obama assured that his administration and Congress will work to steer the world's largest economy away from a approaching fiscal cliff and prevent a recession next year. DOW jumped by more than 100 points following this and some upbeat economic data.

The Conference Board Consumer Confidence Index, which had increased in October, posted a moderate increase in November. The Index now stands at 73.7 (1985=100), up from 73.1 in October. The Present Situation Index was virtually unchanged at 56.6 versus 56.7 last month. The Expectations Index also went up to 85.1 from 84.0 last month.

Gold had topped a five-week high of around $1755 per ounce before slipping amid profit selling as the Indian prices hit new highs around Rs 32500 per 10 grams in local cash markets. This triggered worries demand might get hurt and the commodity fell quite sharply in last two sessions, testing a one week low of $1708 in the overnight trades before recovering to close above $1720 per ounce mark.
The MCX Crude trades at Rs 31570 per 10 grams, down Rs 333 per 10 grams or 1.04% on the day. Rupee broke under the critical 55 per US dollar mark today and gained nearly 100 paise to close in on 54.80 per dollar as local stocks hit their 19-month closing highs.

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