Spot gold prices declined by more than 2 percent on Monday as receding fears over Portugal's banking sector and a gain in U.S. equities prompted investors to take profits after bullion's rally to 3-1/2 month highs last week.
Gold rallied to near $1,350 an ounce last Thursday after questions about the health of Portugal's top-listed bank sparked worry that a new euro zone banking crisis might be in the offing. Portuguese bond yields fell on Monday after the country's biggest bank took steps aimed at reassuring investors of its stability, calming peripheral debt markets after their first episode of contagion this year.
On the MCX, gold prices declined by 2.09 percent and taking cues from weak international markets and closed at Rs.27762/10gms.
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Gold rallied to near $1,350 an ounce last Thursday after questions about the health of Portugal's top-listed bank sparked worry that a new euro zone banking crisis might be in the offing. Portuguese bond yields fell on Monday after the country's biggest bank took steps aimed at reassuring investors of its stability, calming peripheral debt markets after their first episode of contagion this year.
On the MCX, gold prices declined by 2.09 percent and taking cues from weak international markets and closed at Rs.27762/10gms.
Try once at www.zoidresearch.com or contact us @ 9039073611
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