Gold managed to rebound successfully today, recovering sharply from the day's lows as the commodity market participants considered the waning strength in the US dollar and wondered whether the sharp array of losses in Gold was a little overdone in the last two sessions. The market participants were selling the metal mercilessly since a surprisingly positive non-farm payrolls data firmed up the sentiments in favor of the dollar.
However, the metal The Euro rallied today after Euro-zone finance ministers e agreed to rein in their ballooning budget deficits if the economy begins recovering as expected next year.
The European Commission also said that it would formally warn eight euro-zone nations-including Germany-against breaking EU rules by overspending on economic stimulus packages. Germany's budget deficit is expected to reach 3.9 percent of GDP in 2009.
The European Union expects it to rise to 5.9 percent in 2010-almost double the 3 percent limit imposed by the EU Stability and Growth Pact that safeguards the stability of the euro.
Euro is quoting 1.3996 against the dollar right now. The Euro bounced from 1.3850 support and advanced to a high of 1.4024.
The COMEX Gold futures for August are trading at $960.60, up $8.10 per ounce from the previous close.
The counter managed to hit an intraday high of $964.50 per ounce, confirming that $950 levels are a very good support.
MCX Gold futures for August are trading at Rs 14601 after hitting a high of Rs 14700 in intraday moves. The counter added 5.30% in the open interest so far today, indicating some fresh buying.
However, the metal The Euro rallied today after Euro-zone finance ministers e agreed to rein in their ballooning budget deficits if the economy begins recovering as expected next year.
The European Commission also said that it would formally warn eight euro-zone nations-including Germany-against breaking EU rules by overspending on economic stimulus packages. Germany's budget deficit is expected to reach 3.9 percent of GDP in 2009.
The European Union expects it to rise to 5.9 percent in 2010-almost double the 3 percent limit imposed by the EU Stability and Growth Pact that safeguards the stability of the euro.
Euro is quoting 1.3996 against the dollar right now. The Euro bounced from 1.3850 support and advanced to a high of 1.4024.
The COMEX Gold futures for August are trading at $960.60, up $8.10 per ounce from the previous close.
The counter managed to hit an intraday high of $964.50 per ounce, confirming that $950 levels are a very good support.
MCX Gold futures for August are trading at Rs 14601 after hitting a high of Rs 14700 in intraday moves. The counter added 5.30% in the open interest so far today, indicating some fresh buying.
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