MCX GOLD TIPS 30 MAY 2012

MCX GOLD STAYS UNDER PRESSURE

DATE: 30/05/2012       

                                Gold futures continued to be under pressure as the U.S. dollar climbed higher as investors avoided risky assets amid incessant worries about the fallout from the European debt crisis, with the euro sliding further below the $1.25-level.

The ICE dollar index, which gauges the greenback's performance against a basket of six other major currencies, climbed to 82.564 from 82.468 in North American trade Tuesday afternoon. The euro, having dropped back below the $1.25 level Tuesday, extended its downhill journey and was changing hands for $1.2469, down from $1.2493 late Tuesday.

European stocks fell at the open on Wednesday. The Stoxx Europe 600 index fell 0.7% to 242.54. Energy stocks fell as oil prices came under pressure and the dollar rose on risk aversion. The Spain IBEX 35 index tumbled 2.2% on news of the debt downgrade. The French CAC 40 index dropped 1.4% to 3,042.89. The German DAX 30 index fell nearly 1% to 6,339.61. FTSE 100 index fell 0.9% to 5,340.57.

COMEX Gold for August delivery- the most-active contract is trading down $1 at $ 1550 per ounce on New York Mercantile Exchange.

MCX June gold futures are trading down nearly Rs 20 at Rs 28836 per 10 grams. The traders may sell it with the target of Rs 28790 and Rs 28740 and Rs 28690 levels.

                                                                                             

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