Gold declines. Good time to buy gold futures

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Gold declines. Good time to buy gold futures
Optimism over the European zone gave the very reason to traders to dump their holdings of precious metal. Gold fell almost by 2% following a sell-off in global markets.

Internationally, equities rose and bullion slumped after German and French leaders said that they will not let Greek to default, which aided investors globally to dump safe haven.

At the Multi Commodity Exchange, gold for delivery in October opened at Rs 27,351 per 10 grams, and was trading in the range of Rs 27,230 – Rs 27,231 per 10 grams around 11:53 am IST.

Similarly, the metal for April contract delivery opened low at Rs 28,150 per 10 grams, then started declining and was trading in the range of Rs 28,123 – Rs 28,134 per 10 grams.

European policy makers are working on to limit the the region's debt crisis.

Due to the fall in rupee, the physical buying of gold also moderated as the landed cost of gold is quoted in dollars.

It's a good time to go long for gold futures as prices have little corrected.

Read more about: gold, futures, mcx, europe
Story first published: Friday, September 16, 2011, 12:08 [IST]
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