Uncertainty over global economic growth weighed on markets, capping gains in commodities
and equities. Yellow metal softened from its four month high while, silver was seen rebounding after taking an initial dip. Spot gold was hovering near $1660 an ounce waiting for fresh cues to resume further directions. Ahead of the Jackson Hole Symposium later this week, investors choose to stay on the sidelines. In the Indian market, precious metals inched further lower after retreating from its peak the previous session. Silver dropped more than one per cent earlier today before trimming its losses while gold was down around 0.5 per cent in MCX. LME reopened today after the Summer Bank holiday. Base metals moved into negative territory with nickel declining the most followed by copper and lead. However, in MCX the trend was mixed. Ambiguity existing over the global economic growth and central bankers’ meeting later this week probably made investors reluctant to take fresh positions.
Meanwhile, crude oil rebounded, paring the initial losses as concerns over production disruptions gripped the market.
MCX Commodity Trading Tips For Today 29 August 2012
MCX Gold Mini Sep Support - 30360 Resistance - 31800
MCX Silver Mini Aug Support - 53500 Resistance - 59000
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