The Hindu Business Line : Downtrend in gold futures

However, on account of the physical demand for gold, the metal was quoted at around Rs 9,500 for 10 gm for immediate delivery on Monday in Mumbai. The previous rally in the metal was witnessed on November 3 this year when it was quoted at around Rs 9,400 for immediate delivery in the background of bullish cues in the international markets.

Performance

The previous week saw the metal shine up to $638.10 (on November 10) in the international markets.

In the week ending November 4, the yellow metal broke the $600 psychological mark to reach a high of $631.20 from $575.60 on October 24 on the Chicago Board Of Trade.

Gold rallied above $600 taking support from the weak dollar, which triggered the rally in the metal. Later, a small rally was witnessed owing to the Chinese reserve conversion factor.

After reaching a high of $633.9 on COMEX on Monday, the market went into a minor correction mode on profit taking.

The precious metals market is expected to remain volatile in the coming week in the background of economic data releases in the US. Underlying bullish trend can take the markets to the high of $640.

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