Gold prices up marginally, MCX gold near Rs 76,600/ 10 gm; near-term momentum looks sideways
Gold prices in the evening trade on Monday (December 30) traded on a positive note but with mild gains. At the time of writing this copy, gold February futures were up 0.07 per cent or Rs 54 at Rs 76,598 per 10 gm.
Gold price internationally: Marginal fall
Gold prices internationally traded marginally lower with a cut of 0.08 per cent at $2,629.79 per ounce.
Gold price internationally: Spot rate in domestic markets
24K gold price in India is trading with marginal gains at Rs 78,000 per 10 gm, while 22K gold is priced at Rs 71,500 per 10 gm.
Gold prices drawing support from geo-political tension and China stimulus hopes
Geo-political tensions and Chinese stimulus hopes early next year are supporting gold and silver prices at lower levels, said Manoj Jain- Commodity expert at India Nivesh.
Gold price on Friday settled weak
Gold February futures contract settled at Rs 76,544 per 10 grams with a loss of 0.37 per cent.
Gold prices seen to see consolidation this week
Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services said, "Gold prices are likely to see continued consolidation this week amid lack of fresh triggers as major participants are still away due to new year holiday in the international market, while upside in the bullion is limited due to higher dollar that is trading near 108-levels."
Gold price near-term outlook remains sideways
On chart, momentum looks sideways with prices stuck between their long-term moving averages with 50-day SMA at 76860 and 100-day SMA at 75080 (cmp 76650), added Mer.