The yellow metal broke its falling
trend as it started rising in the second half of the last week of
August 2014. Price of Gold rose for the three days in four sessions
of the week which is shocking for jewelers and investors who expected
"gold prices to continue the fall till Diwali."
There is no need to worry in mid-term
considering prices of the commodity since Asian demand stayed low, US
currency strengthened and equities surged in the week. Market
analysts are waiting for a pointer from European Central Bank (ECB)
to add in support to the price of the metal.
World's biggest holder of Gold exchange
funds, SPDR Gold Trust GLD said, "Our holdings dropped from 1.49
tonnes to 795.60 tonnes in the last week of August."
In the first week of September 2014,
Investors are likely to witness, "COMEX Gold prices with October
delivery dates trading on a negative note pinched in with the falling
Indian currency," according an expert market researcher.
On the back of technical analysis,
COMEX Gold might test levels between $1250 and $1230 if its price
touches $1270 in the coming week. In Indian trades, if MCX Gold with
October future delivery bents down to the level of 27,700 then market
might experience lowered levels of gold trading between 27,500 and
27,300.
" by Mr. Vivek Gupta - Director Research, CapitalVia Global Research Ltd."
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