MCX Gold trades up on Euro debt crisis

Gold hit fresh lifetime high on weak dollar, lingering tensions in the Arab world, euro zone debt crisis and inflation.
Declining fiscal health of U.S. further supported price. Though, the holding in SPDR gold trust slipped slightly, but yellow metal's fundamentals are still bullish amid weakness in dollar.
The U.S. dollar slipped to a three-year low against basket of major currencies on Thursday, while Asian equities jumped as investors scrambled for higher yielding assets, particularly in emerging markets.
The investors hunted to hedge mounting inflation risks. Physical buying from India, major gold consumer is firm ahead of a key religious festival Akshay Tritiya on May 6.
Consumers have no choice but to buy bullion at higher prices. However profit booking at higher levels may be seen.
Courtesy: Religare Commodities

(Source: http://www.commodityonline.com/futures-trading/technical/MCX-Gold-trades-up-on-Euro-debt-crisis-23352.html)