Precious Metals Preview: Gold on MCX

COMEX Gold futures stayed largely supported on concern over global risk sentiments though a recover in US stocks capped the precious metal. Gold was well supported and currently trades at USD 1235.10 per ounce, up 0.20 percent on the day after hitting around three month high earlier this week.

Gold futures on Multi Commodity Exchange (MCX) ended at Rs 31,871 per 10 grams, lower marginally on the day. Spot Gold prices have soared above Rs 32,400 per 10 gram to be their highest level in nearly 6 years and could harm the local demand ahead of Diwali.

Significant flaw in the dollar index is needed to rally gold. US dollar index gained on Thursday to approach near its 2-month high and trades around 96.40, up 0.25% on the day. The Indian rupee is getting stronger as it seen a substantial fall in crude oil prices.

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