Gold Weak On MCX After Tanking Under Rs 31K
Gold extended losses ahead of the weekend. MCX Gold failed to sustain above Rs 31000 yesterday and witnessed a drop of more than Rs 500 in evening trades as global prices corrected. COMEX Gold give up bulk of its latest gains as the US dollar firmed up.
Gold had jumped above $1300 levels to hit its two year highs on relatively dovish statement by US Fed. The Fed kept rates on hold and noted that growth in economic activity appears to have picked up. However, a recovery in equitiesand a drop under $1300 levels pulled the metal down sharply. The counter is currently trading at $1290 per ounce, down 0.57% on the day.
MCX Gold futures are trading at Rs 30463 per 10 grams, down half a percent on the day.
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