Mumbai, 08 May (CommoditiesControl): Gold futures maintain stability, registering a slight 0.03% decline to $2,313.14 per troy ounce. Today's weakness in prices is attributed to the strength in the dollar, But China's persistent gold acquisitions continue to offer backing.
China's central bank augmented its gold reserves for the 18th consecutive month in April, bolstering its holdings by 1.9 metric tons to reach a total of 2,264.3 tons. Central bank demand for gold hit unprecedented levels in Q1, But there is decline in China's purchasing in April due to higher prices.
On the domestic front, MCX gold sees flat trading at 71150, confined within a range of 71250-70970. A decisive breakout beyond these levels may signal the direction of the next price movement, targeting 71650 on the upside and 70575 on the downside.
(By Commoditiescontrol Bureau; +91-9820130172)
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