Comex Gold slips on selling pressure; MCX Gold sideways to bearish...

Comex Gold slips on selling pressure; MCX Gold sideways to bearish

Comex gold in the international market declined on selling pressure ahead of testimony from US Federal Reserve Chairman Ben Bernanke which is expected to be at 07.30 PM IST today. Firm dollar was seen pressuring the yellow metal prices to certain extent. However the commodity remained three week high.

The Ben Bernanke testimony, would be closely watched by the investor community as there are expectations that the Fed Chairman would reveal more about the tapering of QE measures, whether or not it would be carried out. Hence, it is a wait-and-watch mode for the community.

Gold futures for August delivery on Globex division of Comex was seen trading down by 0.38% at $1285.65 per troy ounce as of 04.06 PM IST on Wednesday.

MCX Gold

The trend in gold futures for August delivery on India's Multi Commodity Exchange (MCX) looks sideways to bearish for the day and traders are advised to sell on rise.

“For intra-day, support for the commodity is seen at 26500 and below that it could test level of 26200 while resistance is seen at 26800,” said Amrita Mashar, Research Analyst at Commodity Online.

MCX Gold futures for August delivery was seen trading up by 0.42% at Rs. 26580 per 10 grams as of 04.03 PM on Wednesday.

China's largest gold exchange, the Shanghai Gold Exchange supplied 1098 tons of physical gold in the first six months of this year. This is, compared with last years entire supply of 1139 tons, a major achievement for the bourse, analysts said.

Holdings in SPDR Gold Trust declined to 937.57 tons on Tuesday, lowest in four years.

On Tuesday, gold futures settled higher as a weaker dollar and higher inflation data bolstered investor appetite for the hard asset.

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