Gold and Silver MCX Counter Negative, Gold 28070-28730 Levels

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Gold and Silver MCX Counter Negative, Gold 28070-28730 Levels

Gold Silver Reports ~ Gold and Silver MCX counter negative note tracking subdued international markets as stronger greenback is likely to keep prices under pressure.

Furthermore movement of local currency rupee will give direction in MCX. Gold can move in range of 28070-28730 and Silver can move in range of 35800-36980 in MCX.

Gold spot was down 0.5 percent at $1,210.50 an ounce by 0058 GMT, just off a session-low of $1,209.26. That was the weakest level for cash bullion since Feb. 23. St. Louis Fed President James Bullard told reporters on Thursday that he was undecided on whether to push for an interest rate rise at a policy meeting next month in part because the U.S. central bank will have seen little more economic data in the interim.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose to 26.48 million ounces on Thursday, the highest since December 2013. ~ Neal Bhai Reports