Gold just cannot afford a five percent fall

27/01/2011 00:00 AST

In International markets, Gold future prices went up on Wednesday on technical rebound and short covering. Itlast traded at 1341 USD per ounce. Gold prices have fallen by more than five percent from its recent peak of around 1410.

Gold prices are likely to fall further and may test 1300-1260 levels in the next few weeks if prices sustains below 1320.

Gold looks bearish in short term because of weak physical demand and fell in ETF holdings also weighing on prices.

Gold prices bounced yesterday after the U.S. Fed’s announcements to continue buying its USD 600 billion US treasury QEII program.

At MCX, the Indian commodity bourse, Gold future prices settled down on Tuesday at Rs. 19899 per ten grams against previous day’s close of 19997 down by 98 rupees. Indian bourses remained closed on Wednesday for observing 62nd Republic day.

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