Gold............
Gold futures inched up in the Asia trading action today as the traders bought the commodity after it tumbled for fourth session in a row to log their lowest settlement since mid-August.
Gold for delivery in April is trading up $3.4 at $ 1607.4 an ounce on the Comex division of the New York Mercantile Exchange. It fell $5.30, or 0.3%, to settle at $1,604.20 an ounce, holding above $1,600 throughout the trading session.
The settlement was the lowest for a most-active gold futures contract since Aug. 14. Prices lost $26 on Friday, and U.S. markets were closed for Presidents Day on Monday.
U.S. stocks rose on Wall Street, buoyed by hopes for more deal activity. European equities also climbed following stronger-than-expected German investor-sentiment data.
Prices saw little reaction to data Tuesday showing a fall in U.S. home-builder confidence for February. The market will likely look to data Wednesday on the producer price index and the release of minutes from the Federal Reserve’s Open Market Committee Jan. 30 meeting. Data on consumer prices and existing-home sales are due Thursday.
On the data front today, Japanese exports grew faster than expected in January, with shipments to China swing back to growth after a recent fall-off, though the trade deficit hit an all time record, according to data out Wednesday. Japans exports rose 6.4% last month from a year earlier, the Finance Ministry said.
MCX April gold futures may open today’s session near Rs 30085 levels with resistance near Rs 30110 levels. Yesterday, it closed lower by Rs 124 at Rs 30,052 per ten grams. Prices rose to a high of Rs 30,220 per 10 grams and fell to a low of Rs 29,977 per 10 grams during the days trading.
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Gold futures inched up in the Asia trading action today as the traders bought the commodity after it tumbled for fourth session in a row to log their lowest settlement since mid-August.
Gold for delivery in April is trading up $3.4 at $ 1607.4 an ounce on the Comex division of the New York Mercantile Exchange. It fell $5.30, or 0.3%, to settle at $1,604.20 an ounce, holding above $1,600 throughout the trading session.
The settlement was the lowest for a most-active gold futures contract since Aug. 14. Prices lost $26 on Friday, and U.S. markets were closed for Presidents Day on Monday.
U.S. stocks rose on Wall Street, buoyed by hopes for more deal activity. European equities also climbed following stronger-than-expected German investor-sentiment data.
Prices saw little reaction to data Tuesday showing a fall in U.S. home-builder confidence for February. The market will likely look to data Wednesday on the producer price index and the release of minutes from the Federal Reserve’s Open Market Committee Jan. 30 meeting. Data on consumer prices and existing-home sales are due Thursday.
On the data front today, Japanese exports grew faster than expected in January, with shipments to China swing back to growth after a recent fall-off, though the trade deficit hit an all time record, according to data out Wednesday. Japans exports rose 6.4% last month from a year earlier, the Finance Ministry said.
MCX April gold futures may open today’s session near Rs 30085 levels with resistance near Rs 30110 levels. Yesterday, it closed lower by Rs 124 at Rs 30,052 per ten grams. Prices rose to a high of Rs 30,220 per 10 grams and fell to a low of Rs 29,977 per 10 grams during the days trading.
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