GOLD NEWS

Gold futures traded at the highest level in two weeks, as sentiment on precious metal was underpinned after Federal Reserve Chairman Ben Bernanke indicated that the central bank intended to continue its quantitative easing program. Federal Reserve Chairman Ben Bernanke said in a speech on Monday that the bank had tools to exit easy policy stance before inflation appears in US. Bernanke said that Federal Reserve will continue to monitor financial situation and will act in case of financial stability. He said that there was moderate improvement in the labor market.

COMEX Gold February trades at $ 1,680.9 ounce, up $11.4 from last close. The euro trades at $1.3342, down 0. 31 % from last close, after hitting nearly one year high at $1.3403 mark.

Besides strong global cues, weak local currency supported surge in the gold prices in India. MCX Gold for February contract trades near Rs 30,900, up Rs 160 from the last close. Technically, the February Gold has next resistance at Rs 30940-31000 and supports at Rs 30,720-30,650 level. Local currency traded weaker by 0.23% to Rs 54.16 per USD. Silver March contract on MCX went up by Rs 526 to Rs 59269 and currently quotes at Rs 59062 level, up Rs 321 from last close.

Posted in: best gold tips,Bullion Gold SILVER Updates,Commodity MCX Gold Tips,freee trial in gold tips