Despite recent volatility in global bullion markets, gold futures on the MCX have managed to hold above key support levels, signalling that buyers are gradually returning at lower levels. The current consolidation phase could pave the way for a fresh upside move if prices sustain above immediate resistance zones.
The June gold futures rose by Rs 800 or 0.5% per 10 grams to hit the day's high of Rs 1,59,356 on Monday despite global yellow metal prices moving south. They were helped by a weak rupee which fell to fresh record lows of 96.18 against the dollar.
