"Gold is just shy of important daily support today in the shape of its 200-day moving average at $1,253. "The fall (on Monday) implies that the safe haven bid that has underpinned gold in recent times is rapidly eroding. BENGALURU: Gold on Tuesday held near three-week lows hit in the previous session on diminishing demand for safe-haven bullion as equities rallied and the US dollar gained versus the yen.Spot gold was mostly unchanged at $1,255.90 per ounce, as of 0733 GMT. A daily close below here would be a bearish technical development," said Jeffrey Halley, senior market analyst, OANDA. "The geopolitical concerns are receding but there are still chances of them coming back again.
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Following gold, silver ready dropped further by Rs 650 to Rs 38,850 and weekly-based delivery slipped below the Rs 38,000-mark by falling Rs 800 to Rs 37,950 per kg. Gold prices cracked the Rs 29,000-mark by falling to a six-week low of Rs 28,880 per 10 gram at the bullion market today due to weak trend overseas and easing demand from local jewellers. Silver too remained under selling pressure and slipped below the Rs 39,000-mark by losing another Rs 650 to Rs 38,850 per kg due to poor offtake by industrial units and coin makers. Extending the losing streak for the fourth day, gold declined by another Rs 270 per 10 gram. Silver coins too traded lower by Rs 1,000 at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces(This article was published on May 4, 2017)Related NEWS Gold hits 6-week low on Fed rate hike concerns
It had already been a rough day for gold but it's fallen another $5 in the past few minutes. Tough day for goldThe market senses a Fed hike is coming in June and gold is bearing the brunt of the bad news. Update: And there it goes in another quick move to $1236 -- ugly. Watch for more selling if $1239 breaks.
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collected by :Jack Luxor
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Gold falls to six-week low of Rs 28,880; silver slumps to Rs 38,850
Following gold, silver ready dropped further by Rs 650 to Rs 38,850 and weekly-based delivery slipped below the Rs 38,000-mark by falling Rs 800 to Rs 37,950 per kg. Gold prices cracked the Rs 29,000-mark by falling to a six-week low of Rs 28,880 per 10 gram at the bullion market today due to weak trend overseas and easing demand from local jewellers. Silver too remained under selling pressure and slipped below the Rs 39,000-mark by losing another Rs 650 to Rs 38,850 per kg due to poor offtake by industrial units and coin makers. Extending the losing streak for the fourth day, gold declined by another Rs 270 per 10 gram. Silver coins too traded lower by Rs 1,000 at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces(This article was published on May 4, 2017)Related NEWS Gold hits 6-week low on Fed rate hike concerns
It had already been a rough day for gold but it's fallen another $5 in the past few minutes. Tough day for goldThe market senses a Fed hike is coming in June and gold is bearing the brunt of the bad news. Update: And there it goes in another quick move to $1236 -- ugly. Watch for more selling if $1239 breaks.
read more visit us gold
collected by :Jack Luxor
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