MCX GOLD TIPS(FEB-27)

GOLD SHOWS SIGNS OF CONSOLIDATION AFTER OVER 3 PERCENT RALLY IN PREVIOUS WEEK

           Date : 27.02.12

After rallying over three percent in the previous week, gold prices are showing signs of consolidation in Asia trades on Monday. Lingering concerns over European debt trouble have kept investors cautions thereby capping the upside in bullion prices however, the spike up in crude oil prices due to geopolitical tensions between the nuclear ambitious Iran and the West have limited the downside for the yellow metal. Gold futures for April delivery largely remained unchanged at $1,777 an ounce on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices slipped 0.3% to $1,774.94 an ounce. www.goldennifty.com

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