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January 06, 2009 |
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Commodity Online
MUMBAI: The reign of US dollar is continuing over the gold prices as the COMEX gold slipped below $850 mark on Tuesday. Marginal fall of crude oil too influenced the yellow metal prices.
COMEX Gold at the New York Mercantile exchange is trading down $ 8 at $ 849.8 per ounce. The support is at 847 and 842 levels. However, the counter may also find support from the mild losses in the Asian equities.
February dated MCX Gold futures lost Rs 83 at Rs 13246 per 10 grams. The day traders may follow a sell on rallies strategy for the day with the supports at Rs 13180 and 13120 levels.
The US dollar is trading at a 3 week high against the single currency today boosted by the speculation that President-elect Barack Obama's plan to cut taxes will help the U.S. recover from a recession faster than other countries.
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