Gold Silver Reports ~ MCX Gold Silver counter may witness some profit~booking at higher levels as rates have raced higher in quick span of time amid safe haven buying.
Furthermore movement of localcurrency rupee can give direction in MCX. Gold can move in range of 28080-28730 and Silver can move in range of 36060-37670 in MCX. Gold just reached its highest price in 7 months, and investors are betting there are more gains to come by April. Investors are returning to gold after shunning the metal for 3 straight years.
A stagnating globaleconomy is threatening U.S. expansion and casting doubts over whether FederalReserve policy makers will raise interestrates anytime soon. That’s sending the dollar lower and raising the allure of gold as both a store of value and a haven asset. Money managers increased their gold net-long position last week by 49 percent to 35,620 futures and options, according to Commodity Futures Trading Commission-data released Friday. ~ Neal Bhai Reports