India: Prospects likely to be volatile for MCX Gold

San Francisco (Jan 3)  The price of gold traded higher on the last day of a year in which the precious metal fell to its third consecutive annual loss, declining on the back of the new U.S. interest-rate cycle.

Bullion counter may trade on volatile path amid mixed international markets. US markets are closed on account of New Year holiday. Meanwhile movement of local currency rupee can give further direction in MCX.

Gold can move in range of 24900-25100 and Silver can move in range of 33000-33600 in MCX on Friday, according to SMC Global. Gold February contract has been trading 0.10 per cent to 24955 level on Friday(11.29am).

The price of gold traded higher on the last day of a year in which the precious metal fell to its third consecutive annual loss, declining on the back of the new U.S. interest-rate cycle that will likely keep the pressure up in 2016.

Gold for February delivery closed up less than 0.1% at $1,060.20 a troy ounce in New York on Thursday amid thin volumes as many investors remained idle during the Christmas and New Year holidays.

Source: CommodityOnLine