Trading Tips India Recover on MCX Gold This Week

Trading Tips India MCX gold futures are likely to recover this week on expectations of a further fall in the rupee and the return of risk appetite for the yellow metal. At 1057 GMT, the most-active MCX gold for August delivery on the Multi Commodity Exchange (MCX gold) was 0.44% higher at Rs 29,674 per 10 grams, recovering from the previous week's losses of about 3%. More Information about Trading Tips India visit my site

"Buying at support of 29,400-29,451 in MCX gold could be a good strategy," said Pranav Mer, senior analyst with Mangal Keshav.

The Indian rupee, which weakened on Monday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

The euro zone's decision to help Spain's battered banks, boosts risky assets like the yellow metal and pressures the dollar.

Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros to shore up its teetering banks, providing relief for markets that have lately been gripped with fear of a potential breakdown of the euro zone.

MCX Silver futures are likely to follow gold.

Buying is advised in MCX silver at Rs 54,200, for a target of Rs 55,250, said Gnanasekar Thiagarajan, director with Commtrendz Research.

MCX Silver traded at Rs 54,715 per kg on Monday, up 0.94% on day.

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