MCX Gold Falls 1 Pct as The country Problems Hit Dollar, Stock

Today MCX Gold prices fell more than 1% on last Monday as concerns over Spain's financial health pushed the euro to two-year lows against the dollar, pressured stock markets and drove Spanish borrowing costs to euro-era highs. More Information about stock visit my site

Traders increased more worried on Thursday that The country may need a complete bailout after a second area, Murcia, indicated it would need govt help, likely following Valencia in hitting a govt program to coast up its financial situation.

Gold retrieved from levels with the dollar after the Worldwide Financial Finance said it will start conversations with the Ancient government bodies on September 24 on how to bring Greece's economic program back to normal, but continues to be under heavy pressure from failures in the dollar and stock markets.

The money slid to its poorest since May 2010 against the money and a near 12-year trough against the yen on issues The country will have to search for a complete sovereign bailout, while Western stocks were down 2% after Spain's economical perspective took a convert for the more intense.

Other commodities also damaged, with raw oil dropping as much as USD 4 a gun barrel, while birdwatcher slid to a three-week low.


From a technical perspective, mcx gold is set to find support around USD 1,559/1,561, according to analysts who study past price patterns to determine the future direction of trade. Prices have held within a USD 1,525-1,676 range for more than three months.

MCX Gold demand from major consumers India and China also remained weak, analysts said.

"Our sales to India do not indicate any improvement as yet and neither does combined gold volumes on the Shanghai Gold Exchange, which have been 30% below average this month," UBS said in a note.

Business information from Chinese suppliers, a significant market for business gold and gold coins, revealed a 23.6% year-on-year fall in gold imports in May, a 29.6% fall in palladium imports, and a 31.8% development of jewelry inflows. In the season up to now, imports of all three materials are down.

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