Gold Updates

Gold prices were trading higher on Thursday, though they pared gains from earlier on, in the face of a stronger dollar and as investors worried about U.S. and European fiscal health.Investors also awaited policy decisions from both the European Central Bank and the Bank of England. Both central banks were expected to keep their key interest rates where they are. The COMEX Gold for December delivery quotes at $1,715, up $1.20, or 0.1% from the last close. The counter made session high of $1721.2. Silver for December delivery was up 3 cents, or 0.1%, to $31.70 an ounce. Weekly jobless and trade-deficit numbers are other main events of the day. Gold ended the last session with nominal losses, after gaining sharply last two sessions. Gold swelled last day on the reports of Barack Obama elected as U.S. President second term. US Gold December ended the last day at $ 1714, down $1 ounce.
Euro slumped further near $1.2710 mark level, the counter right now hovers at $1.2741, down 0.20% from last close. Local currency was volatile with hitting the low near Rs 54.67 per USD and right now quotes at Rs 54.50, up 0.55% from last close.
MCX Gold most active December contract trading with marginal gains at Rs 31268, up Rs 62 per 10 grams. The counter eased from high Rs 31348 level. The counter is expected to find resistance at Rs 31350-31450 and supports at Rs 31250-31150 level. MCX Silver December is quoting at Rs 52300, up Rs 33, after hitting high Rs 59700 level. The counter is likely to find resistance at Rs 59600-59750 and supports at Rs 59250-29150 level.

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