Gold...
Gold futures inched up in the Asia electronic session today however strong gains in the equities kept it below $1600 an ounce. Gold tallied a gain of nearly $43, or 2.7%, on Monday and Tuesday. It is poised for a loss of around 4% for the month.
Gold for delivery in April is trading up $1.7 at $ 1597.4 per ounce on the Comex division of the New York Mercantile Exchange. It fell $19.80, or 1.2%, to settle at $1,595.70 an ounce yesterday. Prices had traded as high as $1,614.40 during the session.
On Wednesday, investors favored equities over gold. They cheered by a rise in pending home sales in January to the highest level since April 2010. Stocks also got a boost after remarks U.S. Federal Reserve Chairman Ben Bernanke this week assuaged fears over an end to the central bank’s quantitative-easing program.
On the economic front today, Japan's industrial production grew 1% during January for its second-straight monthly increase, the Ministry of Economy, Trade and Industry said Thursday. Transport equipment, including cars, was the top contributor to the gain, the ministry said. The yen gained fractionally after the data, with the dollar slipping from 92.34 to 92.31
MCX April gold futures may open today’s session near Rs 29800 levels with resistance near Rs 29840-870 levels. Yesterday the metal ended lower by 1.16% at Rs 29743 per 10 grams.
Source by Commodity Insights
Gold futures inched up in the Asia electronic session today however strong gains in the equities kept it below $1600 an ounce. Gold tallied a gain of nearly $43, or 2.7%, on Monday and Tuesday. It is poised for a loss of around 4% for the month.
Gold for delivery in April is trading up $1.7 at $ 1597.4 per ounce on the Comex division of the New York Mercantile Exchange. It fell $19.80, or 1.2%, to settle at $1,595.70 an ounce yesterday. Prices had traded as high as $1,614.40 during the session.
On Wednesday, investors favored equities over gold. They cheered by a rise in pending home sales in January to the highest level since April 2010. Stocks also got a boost after remarks U.S. Federal Reserve Chairman Ben Bernanke this week assuaged fears over an end to the central bank’s quantitative-easing program.
On the economic front today, Japan's industrial production grew 1% during January for its second-straight monthly increase, the Ministry of Economy, Trade and Industry said Thursday. Transport equipment, including cars, was the top contributor to the gain, the ministry said. The yen gained fractionally after the data, with the dollar slipping from 92.34 to 92.31
MCX April gold futures may open today’s session near Rs 29800 levels with resistance near Rs 29840-870 levels. Yesterday the metal ended lower by 1.16% at Rs 29743 per 10 grams.
Source by Commodity Insights
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