Indian Stock Market News, Information, Tips, Analysis, Reports

The December MCX 10 grams Gold Futures fell below the psychological 10,000 barrier in mid day trading today. Heavy profit booking has got gold prices plunging in the past few trading sessions. Gold prices are said to be directly corelated with that of Crude Oil. Crude Oil after crossing the $100 barrier has fallen sharply back to $80 levels. This has caused Gold prices to fall as well. Gold prices and the strength of the US dollar, in the coming few days are likely to determine the course of Gold Futures.

Indusind Bank has informed the Indian stock exchanges that it will be selling its “Suvarna Mudra” range of gold coins in Sikkim. The sale of gold coins was inaugurated by His excellency, Shri V Rama  Rao, the Governor of Sikkim. Banks usually sell gold coins at a very high premium to the existing market price of gold. It is better to buy gold through the commodity market or through the jewellery shop.

Crude Oil prices bounced back slightly on Tuesday, as Asian traders reacted to a slide the day before pulling prices down by $3. Light, sweet crude for May delivery rose 30 cents to $61.81 in mid-morning Asian electronic trading on the New York Mercantile Exchange.