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HSBC in its reports stated that if rains do not improve, physical gold demand in India could be hit. The global gold prices advanced below $1,620 an ounce on Monday, taking its cue from a weaker euro ahead of key central bank meetings this week, as investors weighed up the prospect of the European Central Bank taking fresh measures to combat the euro zone debt crisis.
MCX Gold Support and Resistance
R3-29,835, R2- 29,818, R1- 29,802, S1- 29,774, S2- 29,758, S3- 29,741