Gold pulls down; world bank cuts growth: Dani Commodities
Dani Commodities has come out with its report on bullion. According to the research firm, one can buy MCX Gold at Rs 28070 with a stop loss of Rs 28000 for target of Rs 28200.
June 13, 2013 / 14:33 IST
Dani Commodities' report on bullion:
Gold futures pulled down in the Asia electronic session today however the losses were limited due to weakness in the US dollar. The Asia equities tumbled sharply today after the World Bank lowered its global economic-growth forecast.In its semiannual Global Economic Prospects report the World Bank revised lower its expectations for growth in China, Brazil and India, while upping estimates for Japan and the US For 2014, the World Bank sees global growth at 3 percent. The World Bank lowered its global economic-growth forecast Wednesday, tipping 2.2 percent expansion in 2013, down from a 2.4 percent projection issued in January and below last year's estimated 2.3 percent growth.Meanwhile, Australia's May employment data surprised markets with a gain in jobs, sending the nation's currency jumping. Total employment rose by 1,100 last month, with the jobless rate holding steady at 5.5 percent, the Australian Bureau of Statistics said Thursday. On the other hand, the gains came on the back of a 6,400 rise in part-time jobs, with full-time positions falling 5,300.Gold for August delivery is trading down USD 2.9 at USD 1389.1 per ounce on the New York Mercantile Exchange. Yesterday, it rose USD 15, or 1.1 percent, to end at USD 1,392 an ounce in floor trade, after earlier dipping to an intraday low of USD 1,372.20.MCX GOLD
International: Major Support at USD1400. Bearish below USD1400.
Domestic: Buy at 28070, Stoploss 28000, Target 28200.MCX SILVER
International: Major Support at USD24. Bearish below USD24.
Domestic: Buy above 43800, Stoploss 43550, Target 44200.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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