Gold update's

MCX Gold futures faced selling pressure today, tracking cues from the international market as a key technical indicator continued to cap the advance of the COMEX futures around one month highs. Global stocks largely wavered today as while investors eyed to a budget vote in the US and Gold was yet again seen facing resistance just above $1690 per ounce. The metal is hovering at $1692, down $1.20 per ounce on the day.

Meanwhile, the recent steps by the Union government to increase the import duty on gold have triggered negative vibes from the domestic industry. The Gems and Jewellery Export Promotion Council (GJEPC) stated today that the latest hike in import duty by 50% from 4 to 6%, would will result in the small and marginal consumers shying away from buying gold jewellery. It will also impact the existing domestic industry providing employment opportunities to many artisans and traders in the sectors as around two million people depend on this sector for livelihood, states the GJEPC.

Meanwhile, a group of 11 European Union countries was given the go-ahead to work on the introduction of a tax on financial transactions. The tax is designed to help pay for the rescue of Europe's banks and discourage risky trading. It would apply to anyone in the 11 countries who makes a bond or share trade or bets on the market using complex financial products called derivatives.

The plan is to use some of the revenue raised from the tax, which could run into tens of billions of euros, to prop up shaky banks. This would help out governments, which have had to pay for bank rescues in the past. Some supporters of the tax have also suggested that part of the revenue could help fund the EU's budget.

Spain's economy shrank by 1.3 percent in 2012 and the recession appears to be deepening, the central bank said in a latest report. The slump was milder than a 1.5-percent contraction forecast by the government, the bank said. But output seemed to fall into a steeper dive in the final quarter of 2012, it said.

COMEX Gold has faced a heavy resistance around its 100-day exponential moving average (EMA) in last few days. The commodity dropped after testing this level today as well though it lingers just below the mark. Euro remained largely unmoved amid these developments, maintaining its recent tendency to linger in a range of around 1.3300 levels against the US dollar. MCX Gold futures gave up after a frail attempt to hold above Rs 30800 per 10-gram levels. The counter currently trades at Rs 30755, down Rs 17 per 10 grams on the day with a slight drop in open interest.

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