Gold Updates

Gold futures tumble under $1750 levels in early Asia electronic session now as the Euro hit a one-month high against the U.S. dollar yesterday behind ratings firm Moody’s Investors Service held Spain’s rating a mark above junk grade.

MCX Gold  December delivery is trading down 1.7 at $ 1751.3 per small amount on the Comex distribution of the New York commercial Exchange. Yesterday, it raised $6.7, or 0.4%, to end at $1,753 an small amount.

The frost dollar index, which measures the greenback against a holder of six other currencies, fell by almost 0.4% on Wednesday. Late Tuesday, Moody’s confirmed its rating on Spain, though still with a negative outlook, even as a lower had been long awaited. That offered some relief to Spanish bonds and stocks, lifting global stock market.

The mcx data releases showed that the weekly MBA credit Index showed a 4.2% decrease in new mortgage applications during the past week. This follows last week's 1.2% refuse.

individually, housing starts hit an annualized rate of 872,000 units during September. Market had expected for housing starts to hit an annual rate closer to 815,000. As for building permits, they increased from the prior month's rate of 801,000 to 894,000 for September. That is above the pace of 815,000 building permits that had been expected.

MCX December gold futures may open today’s session near Rs 31120 levels with support around Rs 31080 and Rs 31020 levels. Yesterday, it closed higher by Rs 100 (0.32%) at Rs 31,140 per ten grams. Prices rose to a high of Rs 31,163 per 10 grams and fell to a low of Rs 31,041 per 10 grams during the day's trading.