MCX Gold Holds Good Support Around Rs 31800

MCX Gold futures are trading on a slightly negative note today, though the global prices witnessed a mild recovery after sell off yesterday. COMEX futures closed down near $1770 per ounce yesterday in New York, extending a downward move after hitting seven-month highs on Wednesday. 

The metal surged in last few days as the US dollar wilted and commodity prices and global equities rallied. Gold futures advanced sharply after the Fed said last Thursday that it would buy $40 billion of mortgage-backed securities each month until it starts to see the labor market pick up. 

US manufacturing ended its weakest quarter of growth in three years this month, data showed yesterday, while the Philadelphia Federal Reserve Bank said its business activity index in the US. mid-Atlantic region shrank in September for a fifth straight month, though the pace of contraction lessened. 

The Eurozone private-sector activity contracted at its fastest pace since June 2009, extending a poor run in last few months. Chinas manufacturing activity also contracted in September for the 11th straight month, indicating that the slowdown in the worlds second largest economy is continuing. Via

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