MCX Gold Bounces Off Rs 31050 Repetitively Today

COMEX Gold came off its highs in the afternoon trade amid supportive equities but remained above the critical $ 1300 per ounce mark. European equities are mostly in green though some selling has emerged in German stocks. Asian equities rose sharply today as anxiety related to the political worries in Italy showed signs of easing. A strong surge in US equities overnight also helped sentiments for risky assets. DOW recovered impressively yesterday, adding 1.26% on the day. COMEX Gold is currently trading at $ 1304 per ounce, up 0.25% on the day. However, major gains are unlikely in the yellow metal as prices have not been able to hold onto rallies towards $ 1307 mark. Bitcoin futures are rallying today, soaring around 3% and that should also keep the buying limited for Gold. MCX Gold futures dropped in intraday moves with a slide under Rs 31100 levels triggering follow up selling in afternoon. However, lows near Rs 31050 offered good support to the counter- offering a floor around five times today.