COMEX Gold futures fell further with prices falling to the
low $1,707 an ounce, nearly one and half month low as the selling pressure
stayed in place amid mixed undertone in global equities and strength in US
dollar. The greenback is quoting in a positive manner after losing slightly
yesterday and neared 1.3000 levels against the Euro yet again today. Euro
slipped from the early high of $1.3075, quoting right now at $1.3004 mark
level, down 0.47% from the previous close. COMEX Gold futures for December are quoting
at $1710.10, down $16.2 per ounce on the day. Gold has been hit hard in the
last few days as highs near $1800 per ounce proved unsustainable and weak
Chinese demand hurt the sentiments. Mainland Chinese imports of gold from Hong
Kong slowed dramatically in August. Hong Kong shipments of the metal to
Mainland China for the month totaled 54 tons, a drop of 29% from the 76 tons
shipped in July, according to data from the Hong Kong Census and Statistics
Department.
MCX Gold fell further with December contract is trading at
Rs 30,928, down Rs 140 per 10 grams. The counter is likely to find support at
Rs 30,850-30750 and resistance at Rs 31050-31180 level.
COMEX Silver futures December contract is quoting at
$31.735, down 0.517 per pound in the afternoon session.
