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MTECHTIPS:-GOLD
Spot gold prices declined 0.6 percent week on week on the back of risk aversion amongst market participants after observing poor corporate earnings and strength in the DX. Worries that US Federal Reserve might adjust the stimulus measure after viewing favouarable data from the US economy led to bearish market sentiments. However, some of the losses were erased on Friday after favorable US GDP data increased the risk appetite of the investors thereby reducing the demand for the low yielding currency that is DX. This in turn supported an upside in the gold prices. The yellow metal touched a weekly low of $1,698.39/oz and closed at $1,710.74/oz on Friday. On the MCX, Gold October contract fell 0.9 percent taking cues from bearishness in the spot gold. Additionally, appreciation in the Indian rupee also acted as a bearish factor for the gold prices on MCX. Gold prices on the MCX closed at Rs.31,016/10 gms after touching a weekly low of Rs. 30,827/ 10gms. Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, increased 0.15 percent and stood at 1336.30 tonnes till October 26 2012 as against 1334.19 tonnes till October 19th 2012.
Spot gold prices declined 0.6 percent week on week on the back of risk aversion amongst market participants after observing poor corporate earnings and strength in the DX. Worries that US Federal Reserve might adjust the stimulus measure after viewing favouarable data from the US economy led to bearish market sentiments. However, some of the losses were erased on Friday after favorable US GDP data increased the risk appetite of the investors thereby reducing the demand for the low yielding currency that is DX. This in turn supported an upside in the gold prices. The yellow metal touched a weekly low of $1,698.39/oz and closed at $1,710.74/oz on Friday. On the MCX, Gold October contract fell 0.9 percent taking cues from bearishness in the spot gold. Additionally, appreciation in the Indian rupee also acted as a bearish factor for the gold prices on MCX. Gold prices on the MCX closed at Rs.31,016/10 gms after touching a weekly low of Rs. 30,827/ 10gms. Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, increased 0.15 percent and stood at 1336.30 tonnes till October 26 2012 as against 1334.19 tonnes till October 19th 2012.
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