Gold Succumbs To Further Selling Preessure, MCX Futures Well Under Rs 31K

COMEX Gold futures succumbed to further selling pressure today as prices slithered to a fresh five month low amid an overwhelming support for US dollar. European equities also edged up in early moves, keeping Gold bulls at bay. The US dollar index is quoting at 93.44, up 0.20% on the day, consolidating around its five month high. US economic cues remain supportive for the currency. The Atlanta Federal Reserves GDPNow model has forecast 4.1% growth for the second quarter, the strongest in nearly four years. Rising US bond yields are also keeping the greenback firm. COMEX Gold is currently trading at $ 1285 per ounce, down 0.47% on the day as the latest break under $ 1300 levels has clouded the near term outlook for the metal. MCX Gold futures are currently trading at Rs 30855 per 10 grams, down 0.46% on the day. Prices are down well under Rs 31000 mark now.