MCX Gold Likely To Start On Weak Note

MCX Gold futures are expected to start in a nervous manner in evening session today given the massive collapse in global Gold prices given the unrest in the equities and risky assets. The COMEX Gold futures tumbled to lows near $1750 in Asian trades, extending its yesterday`s drop from six-week highs near $1800 per ounce. Wall Street tumbled on Wednesday in its worst day since August, as a spike in Italian bond yields signaled the European debt crisis was getting worse. The Dow Jones industrial average dropped 389.31 points, or 3.20 percent, to 11,780.87. Asian markets also eased though the pressure on risky assets ebbed somewhat after the Italian president vowed to accelerate reforms to make way for Premier Silvio Berlusconi`s resignation as early as this weekend and a bond sale went better than expected.