New Delhi, June 24 : Gold prices were trading higher by Rs 171 at Rs 34,338 per 10 gram in evening trade on June 24, continuing last week’s bullish trend. The yellow metal has been trading above its six-year high on expectations of rate cuts by major central banks and tensions in the Middle East, given the US-Iran tussle, have given the precious metal a safe-haven billing.
Gold touched an intraday high of Rs 34,370 and an intraday low of Rs 34,254. The yellow metal has gained Rs 1,108 in the past week. For the August series, the precious metal touched a low of Rs 31,390 and a high of Rs 34,468.
On the Multi Commodity Exchange, Gold contracts for October delivery were trading higher by Rs 196, or 0.57 percent, at Rs 34,552 per 10 gram in a business turnover of 4,804 lots, while the August contract saw a business turnover of 18,796 lots. The far-month December contract was trading lower by Rs 9, or 0.03 percent at Rs 34,619 per 10 gram with a business volume of 11 lots.
The value of the August contract traded so far is Rs 2,247.36 crore, while the October contract saw value of Rs 122.13 crore.
Similarly, Gold Mini contract for July was trading up by Rs 155, or 0.46 percent at Rs 34,115 in a business turnover of 6,574 lots.
MCX Gold price is expected to trade positively with good support at Rs 34,100 levels and intermediate support at Rs 34,220 level, according to Motilal Oswal. The commodity broking firm advised its clients to buy on dips with a target price in the Rs 34,445-Rs 34,550 zone. At 7:17 am (EST) spot gold was trading higher by $9.26 at $1,407.91 an ounce in New York trading.
