Gold lost Rs 200 in early session of trade

Published: Tuesday, October 4, 2011, 12:11 [IST]

Rise in US Dollar against major currencies again pulled back gold from moving up. Gold lost more than Rs 200 in early session during trade on MCX.

Gold for delivery in October at the Multi Commodity Exchange opened high at Rs 26,840 per 10 grams, it made intraday lows to Rs 26,603 per 10 grams. and was trading in the range of Rs 26,730 – Rs 26,749 per 10 grams at 12:00 pm IST.

And, the metal for April contract delivery opened at Rs 27,500 per 10 grams was trading in the range of Rs 27,502 – Rs 26,526 per 10 grams same time.

Gold seen edging down due to the rise in US Dollar as they both move generally opposite to each other. Though there was an insignificant fall in the prices of gold on Tuesday but it may fall further if dollar seen rising against Rupee and major other currencies.

US Dollar rose against the basket of major currency rivals due to grim outlook seen over the Eurozone. Mounting worries that Greece may slip from its budget deficit targets is also another setback for euro heading low.

GoodReturns.in

Story first published: Tuesday, October 4, 2011, 12:11 [IST]