Gold Extends Losses In Asia

Gold......

Gold futures extended losses in the Asia electronic session today on weak tone in the equity markets and crude oil.
On the economic front today, the Bank of Korea kept its key rate on hold at 2.75% for a fifth consecutive month on Thursday, as inflation remained below the South Korean central bank's target range.
Meanwhile, Australia's jobless rate remained steady at 5.4% in February, the Australian Bureau of Statistics reported Thursday, and the economy added 71,500 jobs in the month.
On Thursday, the U.S. is to release government data on producer price inflation, a leading indicator of price stability, and the weekly government report on initial jobless claims.
Gold for April delivery is trading down $2.1 at $ 1586.3 an ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it fell $3.30, or 0.2%, to settle at $1,588.40 an ounce. It had climbed to as high as $1,598.80 during the session.
It settled with a modest loss Wednesday after a failed attempt to breach $1,600 an ounce, pressured by the dollar’s climb to a seven-month high after data showed a surge in February U.S. retail sales.
Retail sales in February posted the biggest increase in five months, but around half of the increase took place at gas stations and reflected higher prices at the pump. Following the data, the U.S. dollar gained ground versus the euro, putting pressure on dollar-denominated prices of gold. The ICE dollar index traded at 82.869, after an intraday high of 83.055 — the strongest level since early August. It traded at 82.585 late Tuesday.
MCX April bullion futures may open today’s session near Rs 29450 levels with resistance near Rs 29500 levels and support near Rs 29400 levels.
Source by Commodity Insights