Prices of gold futures dropped to about five years the lowest levels of the session on Monday, after it dropped to 5.3% lower than $ 1,100 an ounce in minutes during the first hour of the Asia morning as a bout of technical selling kicked in as prices broke underneath a key support level near grade $ 1,120, prompting new orders as of bearish chart indications.
Whether therefore saw a sharp recovery of the lowest levels in the purchase of the Indian jewelers and short recovery. In the Delhi bullion market here, standard gold fell Rs 370 to close at Rs 25.550 per 10g.
Prices of the precious metals fell $ 27.20, or 2.24%, last week, the fourth consecutive weekly loss, amid mounting bets that a rate hike is coming in September.
At a huge discount of $ 10.08 per ounce of gold sold in the markets of India a few days before had been the phasing and became a premium of $ 1.5 one ounces on Monday, following an increase in physical demand in lower price.
On the Comex Gold futures for August delivery hit an intraday low of $1,080.00 a troy ounce, a level not seen since February 2010.
In the domestic futures marketplace, Gold August prices on MCX rate touched an Intraday high of Rs 25,475 and an Intraday low of Rs 24,904 as compared to Rs 25,498 per 10g on Friday. By the evening, it was trading at Rs 25,138, down 1.4 per cent. MCX Gold October contract was trading at Rs 25,159 down Rs 560, or 2.18 percent.
For Commodity Market Tips, MCX Live Tips, Gold-Silver Prices and trading market latest news & updates with 100McxTips, follow us on Twitter @100mcxtips and Like on Facebook. And to contact the reporter on this story email at firstname.lastname@example.org or Call: +91-761-4012307