Positive data by US combined with ECB, China and USA's likely stimulus measures to boost global economy have added bullishness for gold. Analysts believe gold to trade slightly higher in an expectations including depreciating rupee against dollar. MCX most active October contract gold shall find a support at Rs 29850- 30,000 per 10 gm levels and resistance at Rs 30,325-30,450 per 10 gm. Spot gold support at $1598/1580 and resistance at1640/1660 levels.
In the beginning of the last week, MCX gold prices traded slightly lower on the slow growth in the global economy, especially in China and Japan. For the next week, MCX October will get a support from stimulus measures by US and China.
The week began at Rs 30,073/10 grams, initially traded slightly lower but found strong support at Rs 29,950/10 grams. Later prices bounced back and touched a high of Rs 30,198/10 grams and currently trading around Rs 30,140/10 grams.
According to World Gold Council (WGC), global demand for gold fell to 990 tonnes in the Q II, down by 7% compared with 1065.80 tonnes in the Q1 Holdings in the SPDR Gold Trust, the world's largest gold backed exchange traded fund, increased to 1263.58 tonnes on August 16, 2012 compared with 1254.94 tonnes on August 09, 2012. odit
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