Gold in MCX and Comex falling because of ?? : latest commodity news
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Article about MCX GOLD movement today read below
Gold prices fell more 1 % on Tuesday, as investor demand for safe haven assets declined as tensions over the political and military crisis between Russian and Ukraine eased.
Gold extends losses following Putin comments Gold futures fall more 1 % as Ukraine-Russia concerns ease.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery decreased to a session low of $ 1,331.70 a ounce. Prices last traded at $ 1,333.30 an ounce during U.S. morning hours, down 1.25 %, or $ 17.00.
Gold futures rallied to $ 1,355.00 an ounce on Monday, the most since October 30, before trimming gains to settle at $ 1,350.30, up 2.17 %, or $ 28.70.
Prices were likely to find support at $ 1,319.30 a ounce, the low from February 28 and resistance at $ 1,355.00, the high from March 3.
Meanwhile, silver for May delivery tumbled 1.8 %, or $ 0.38 cents, to trade at $ 21.10 a ounce. The May contract ended Mondays session up 1.15 %, or $ 0.24 cents, to settle at $ 21.48 an ounce.
Silver futures were likely to find keep at $ 21.02 a ounce, the low from February 27 and resistance at $ 21.74, the high from March 3.
Speaking at press conference earlier in the day, Russian President Vladimir Putin said he currently sees no need to use military unit in Ukraine, but Russia has the option to do so. He added that use of military unit is a choice of pis alter.
Putin also said that sanctions against Russia would cause mutual damage and any threats towards Russia would be counter-productive.
Gold prices were already on the decline as the chance of military conflict in Ukraine eased after the Russian defense minister ordered troops engaged in military exercises around Ukraine's margins to return to their bases.
Futures beat up sharply on Monday as geopolitical tensities mounted after Russia's parliament authorized President Putin to use military group in Ukraine.
Elsewhere on the Comex, copper futures for May delivery came up 0.6 % to trade at $ 3.191 a pound, as investors looked ahead to the start of Chinas National Peoples Congress annual meeting on Wednesday.
The latest meeting of the legislature, the first to be overseen by President Xi Jinping and Premier Li Kenning, comes amid lingering concerns over the health of the country's economy.
The Asian nation is the worlds largest copper consumer, accounting for almost 40 % of world consumption last year.