MCX Gold slipped today as the commodity eased in the global markets amid choppy trades. The commodity opened in a positive manner in Asia amid lack of cues from the global asset markets but gave up as the day progressed amid persistent selling pressure in the world equities. The lack of active trading on the major global bourses kept the US dollar supported even as China reaffirmed its pledge to support troubled European nations to overcome the debt crisis. Traders were instead focusing on the key economic reports ahead and the dollar managed to successfully break under 1.3100 levels against the Euro in the late London trades. COMEX Gold was also hurt as the failure to surpass $1390 levels acted as a deterrent for the commodity. The counter currently trades at $1384, down $3.40 per ounce from the previous close. We could be in for a further correction today if $1380 gives up. MCX Gold futures crept lower with the firm undertone in the Indian rupee leading to even more decline. The benchmark MCX February futures are quoting at Rs 20485, down Rs 35 on the day or 0.17% with 1.40% increase in the open interest.

Source