Gold prices cool down on heels of Euro fall

May 27, 2014

Kolkata-India  (May 27)  Gold eased 0.9 per cent in the Indian futures market on Tuesday, largely in tandem with a weakening global trend.
Gold for June contract was trading at Rs 27,230 per 10 gm at mid-day on the Multi Commodities Exchange. The metal touched an intra-day high of Rs 27,525 per 10 gm and a low of Rs 27,229.

"Sellers are more active in the market now. The outlook is broadly negative. Going ahead Rs 26,800 per 10 gm will be
the immediate support.

Spot gold, however, was steady at Rs 27,600 per 10 gm. Traders said the metal will remain range bound in the coming weeks.

"It will hover around Rs 27,600-27,800 per 10 gm," said Kapil Parekh, executive director at Indian Bullion & Jewellers Association. "The Modi factor has already left an impact on gold prices. We do not see an immediate big fall in prices."

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