Gold rate today in Mumbai |
Mumbai 8th Aug 2015(Sana Sayed): Gold
bugs haven't had it this bad since the Clinton administration. Bullion just
notched its seventh straight week of losses, which is gold's longest weekly
losing streak since 1999. And even though gold rose slightly Friday, a trader
who relies heavily on the technical believes the breakdown is about to get a
lot worse.
"Gold is in a clear downtrend, but
we've seen it consolidate of late," Andrew Keene said Friday on CNBC's
"Trading Nation." Gold prices have been bouncing in a tight trading
range of USD 1,080 on the low end and USD 1,100 on the high end for the past
two weeks.
Snapping its four-day
losing streak, gold rebounded by surging Rs 190 to Rs 25,170 per 10 grams at
the bullion market on Friday, taking positive cues from overseas markets amid
fresh buying by jewelers.
Gold in London, which
normally sets price trend on the domestic front, rose 0.23 percent to USD
1,092.00 an ounce and silver 0.82 percent to USD 14.77 an ounce in early trade.
In the national capital, gold of 99.9 and 99.5 percent purity recovered sharply by Rs 190 each to Rs 25,170 and Rs 25,020 per ten grams, respectively. It had touched over four-year low yesterday.
In the national capital, gold of 99.9 and 99.5 percent purity recovered sharply by Rs 190 each to Rs 25,170 and Rs 25,020 per ten grams, respectively. It had touched over four-year low yesterday.
Gold rates rest of India |
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