Mumbai : Indian gold market lost it’s shining in the last session and shed around Rs 400 per 10 gm on weak crude oil price in the international market. Crude oil slips down to USD 127.58 a barrel in the last session. The oil market has decline around 15 per cent from record price of USD 147.27 a barrel on apprehension on weaker demand. Gold fall in unison with crude oil in the last session as it remains less attractiveness as a tool of hedging against oil led inflation.
The trend has turned down. The market has violated and closed below the major support level of Rs 13142. The market is expected to test lower range of Rs 12780-50 at least and may find the support of trend line drawn from the low of Rs 11205 and Rs 12150.
Gold Aug Contract