Gold prices eased on Wednesday as crude prices eased and investors booked profit. “Gold prices have eased today on the back of profit booking and also due to the correction in the euro and crude,” said Director of Commtrendz Research, Gnanasekar Thiagarajan.
The European Central Bank reported that the value of the gold and gold receivables held by the eurosystem central banks declined in value by 23mn euros to 209.353bn euros in the week which ended on the 27 June.
“The long-term trend for gold remains positive and it should reach $955/oz levels,” Thiagarajan said.
On MCX, gold contract for August futures opened at Rs13,180/10gms and touched a low of Rs13,000/10gms. It was last traded (17:33 IST) at Rs13,064/10gms.
On Wednesday, the London AM was fixed at $936.50/oz, low by a dollar from a PM fix of $937.50/oz on Tuesday.