Gold futures inched up in the Asia electronic session today after having flat trades yesterday as strong data releases from US hurt the metal’s appeal.
The market saw better-than-expected U.S. private-sector employment data and a drop in factory orders Wednesday, and awaited Thursday’s decisions on monetary policy by the European Central Bank and the Bank of England as well as Friday’s official U.S. nonfarm payrolls report.
Gold for delivery in April is trading up $ 7.5 at $ 1582.4 per ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it settled at $1.574.90 an ounce, unchanged from Tuesday’s close. It stuck to a range between $1,566.40 and $1,584.30. Gold prices tallied a modest gain of $2.60 over the past two trading sessions.
Data from Automatic Data Processing Inc. showed that U.S. private-sector jobs rose by 198,000 in February, more than economists expected. Factory orders in January, meanwhile, fell 2%.
After the Comex trading session ended Wednesday, the Federal Reserve’s Beige Book showed that government fiscal and health-care policies are holding back private spending and hiring. It had been expected to show that the economy limped along in early 2013.
On the data front today, Australias trade data for January showed that the country recorded an adjusted deficit of 1.057 billion Australian dollars ($1.09 billion), the Australian Bureau of Statistics reported Thursday. Exports dropped 1% while imports rose 1%, according to the ABS.
Meanwhile, the Bank of Japan on Thursday left its policy interest rate and size of asset-purchase program unchanged by a unanimous vote, as widely expected. The decisions were made at the last meeting of the central banks monetary policy board before Gov. Masaaki Shirakawa and two of his deputy governors step down later in the month. The central bank said the local economy has stopped weakening against the backdrop of an improvement in overseas economies, and that while it is expected to level off for the time being, it is likely to "return to a moderate recovery path" in due course.
MCX April bullion futures may open today’s session near Rs 29650-670 levels with resistance near Rs 29720-50 levels and support levels 29570 levels. Yesterday, it ended marginally higher at Rs 29593 per 10 grams.
Source by Commodity Insights
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