Gold futures stumbled from its parabolic hike in prices by more than 9% in a single day from its record level of $1915.
Sudden announcement of a margin hike by the CME coupled with equities stability and anticipation about Fed to provide stimulus eroded the haven demand of the metal. The same has been observed at the MCX.
MCX GOLD OUTLOOK
Gold is expected to trade with a negative bias today mainly on account of rise in risk appetite which would affect demand for gold. Additionally, margin hike by the CME will also act as a negative factor. We expect silver to trade lower today mainly taking mixed cues from fall in gold.
Sudden announcement of a margin hike by the CME coupled with equities stability and anticipation about Fed to provide stimulus eroded the haven demand of the metal. The same has been observed at the MCX.
MCX GOLD OUTLOOK
Gold is expected to trade with a negative bias today mainly on account of rise in risk appetite which would affect demand for gold. Additionally, margin hike by the CME will also act as a negative factor. We expect silver to trade lower today mainly taking mixed cues from fall in gold.
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