Gold Updates

Gold futures broke below the psychological mark of $1700 an ounce in mid Asia session today as the markets sold off with weak manufacturing data from US and as investor's continue to fret over the fiscal cliff. The US Institute for Supply Management's index of purchasing managers dropped to 49.5% from 51.7% in October.

The White House on Monday dismissed a budget deal proposal from Republicans that included tax reforms and spending cuts, saying it did not meet President Barack Obama's pledge to raise taxes on the wealthiest Americans.


Global gold dropped below USD 1,700 for the first time in a month, as a stalemate in US budget talks weighed on commodities, countering record assets in exchange-traded products. Gold in global market which normally set price trend on the domestic front lost 1.1 per cent to USD 1,696.78 an ounce, the least expensive since November 6 in Singapore. February contract is quoting at USD 1706.9, down $14.2 per ounce. March Silver quoting at USD 33.330, down 0.429 ounce.

Euro rose to nearly seven week high against the greenback with hovering at USD 1.3074, up 0.17% over the last close. Local currency appreciated slightly with hovering at Rs 54.68, down 0.15% from the last close.

MCX Gold February contract is trading lower by Rs 174 at Rs 31528 per 10 grams and the strong support is at Rs 31430-31230 and resistance at Rs 31350-31780 level. Silver February contract is trading down at Rs 63312, down 0.83% from last close. Technically, the counter is likely to find support at Rs 64500-61250 and resistance at Rs 65,000-65,300 level.

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