Gold eased from its 10 weeks high but continued to remain positive on the back of geo-political tensions, strengthening crude and slumping dollar. On MCX, gold’s August contract opened at Rs13,168/10gms and went on to touch a high of Rs13,267/10gms. It was last traded (17:34 IST) at Rs13,230/10gms on Thursday.
“Gold may touch $946/oz today and if it breaks above this level it might test $952/oz to $960/oz. But we expect gold trading to be volatile today,” said Head-technical and derivatives research of Geojit Financials, Alex Mathews.
The Mumbai spot gold prices gained a bit to close at Rs13,135/10gms from an opening of Rs13,130/10gms on Thursday.
“The resistance level for gold is seen at $946/oz while a support level is seen coming in at $938/oz, below which it may test $932/oz,” Mathews said.
Investors await European Central Bank decision on interest rates and US jobs data expected to be released today.
On Thursday, the London AM was fixed.