Commodity Gold Tips

Gold futures zoomed on speculation that Barrack Obama will win the election and also on speculation that US will extend stimulus measures to boost the economy.
The metal climbed 1.8% yesterday, the most since September 13, on speculation the Federal Reserve will add to measures to spur growth whether President Barack Obama or Republican challenger Mitt Romney wins. The Fed said on October 24 it will maintain $US 40 billion in monthly purchases of mortgage debt and probably hold interest rates near zero until mid-2015.
Traders say one of the most pressing issues facing the U.S. is the looming "fiscal cliff,'' a combination of higher taxes and government spending cuts that automatically takes effect unless Congress acts by Jan. 1. The total impact next year could be as high as $800 billion.
Investors are also watching developments in Greece, where a political crisis could derail an austerity package that is required for the country to receive its next batch of bailout funds. Without the money, Greece faces the prospect of going bankrupt this month and possibly leaving the euro.
Also on the radar: Thursday's opening of China's Communist Party congress _ the once-in-a-decade forum to name China's top leadership. Although current Vice President Xi Jinping is almost certain to be China's next leader, markets will be looking for hints on how the new leadership plans to tackle the nation's economic slowdown.
MCX December gold futures may open today’s session near Rs 31300 levels with resistance near Rs 31400 and Rs 31550 levels.
Asian stock markets fell Wednesday as traders watched the final hours of a cliffhanger U.S. presidential election whose conclusion would allow leaders of the world's biggest economy to focus on issues other than the campaign.
Dow Jones Industrial Average futures fell 105 points to 13,096.00; S&P 500 futures declined 13.50 to 1,411.70 while Nasdaq 100 futures lost 20 points to trade at 2,655.75. Stocks gained sharply in regular U.S. trading on Tuesday as investors hoped that the election would put an end to the uncertainty that has dogged markets in the run-up to Election Day.