Gold prices jittered on the back of rising Dollar. The group 8 meeting focused on the Dollar, with Russia supporting the Dollar saying that there was no other alternative for the currency. This infused buying in Dollar against the majors and metals saw sharp correction. Dollar closed at 1.3783 against the EURO. Early Asian trades are witnessing some profit taking with Dollar at 1.3795 against the EURO.
The COMEX division of the New York Mercantile Exchange, August Gold fell $13.20, or 1.4%, to $927.50 an ounce. The June contract ended at $926.90, the lowest settlement for a front-month contract since May 19. MCX Gold on the other hand closed at Rs 14403 per 10 grams down Rs 77. The contract is expected to recover from here with price targets of Rs 14450 levels.
