Last Updated : 03 January 2013 at 16:25 IST
As the finance minister of India seeks to curb demand for gold in India, gold prices are still moving up.
MCX Gold February contract has a crucial support at Rs.30900 and resistance at Rs.31200. “Intraday traders are advised to go long on gold around Rs.31000 with stop loss of Rs.30900 and wait for the target of Rs.31200”, according to Ankush Kumar Jain, Research Analyst with Commodity Online.
“Silver March contract is technically having good support at Rs.58400 and resistance at Rs.59800 for the day. Intra-day traders may take long position at around Rs 58800 with stop loss of Rs 58400 and wait for the target near Rs 59300 and 59800.” he added.
Gold on the Comex for delivery on February 13, 2013 was seen trading at $1684.65 an ounce, a loss of 0.25% or $4.25 as of 04.07 PM IST. Silver for delivery on March 13, 2013 was seen trading at $30.980 an ounce, a loss of 0.1% as of 4.20 PM IST against the previous close of $31.007.
Gold on India's MCX for delivery on February 5, 2013 was seen trading at Rs.31130, a gain of 0.29% as of 04.11 PM IST. Silver for delivery on 05 March 2013 was spotted trading at Rs.59105 an ounce, a loss of 0.27% as of 04.12 PM IST.
The US lawmakers on Tuesday averted falling off the cliff as $600 billion in spending cuts and taxes were retroactively nullified.
It is a relief rally occurring in commodities which may well be short lived when it comes to precious metals complex, according to Kunal Shah, Head-Commodities Research; Nirmal Bang.
“The current rally may not last more than two days and I am not very optimistic about gold and silver, given the positive economic data that we get from across the globe.” said Kunal Shah in a telephonic interview yesterday.
“We need more bad news before we can see a rally to $1800 levels which is a mark far far away and may not be feasible under current circumstances.” he added. He expects silver to outperform gold in the short-term.
“Gold may reach $1710 max...” he predicted.
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