Gold Correction in India

Indian Gold Jewelry

Gold prices in India improved by Rs. 70 (0.27%) to reach Rs. 26,274 per ten grams in futures trade, through investors creating new positions by taking positive signs from the global market, awaiting the Fed’s FOMC minute release to take place on Wednesday.

At the Multi Commodity Exchange, gold delivery in far-month August improved by Rs. 70 (0.27%) to reach Rs. 26,274 per ten grams in business gross revenue of 98 lots.

June delivery for metal recovered by Rs. 69 (0.26%) to reach Rs. 26,157 per ten grams in a gross revenue of 738 lots.

After Moody’s Investors Service said that the US might experience a credit downgrade, analysts said that hardening trend in global market, mostly influenced gold prices at futures trades.

Gold price in New York increased by 2.49% to reach $1,394.10 an ounce yesterday.