Gold Trades Marginally Lower In Asia

Gold.......

Gold futures are trading marginally lower in the electronic session today, however weakness in the Asia equities continued to give safe haven appeal to the metal.
Japanese stocks tumbled Friday as the yen firmed up a day after the new Bank of Japan governor offered few new details on future policy, while Hong Kong shares fell after weak results from PetroChina Co.
Many Asia markets suffered from heightened worries over Cyprus after the European Central Bank (ECB) issued a deadline to its parliament for meeting the terms of a proposed bailout, an issue which also hurt stocks on Wall Street overnight.
April gold are trading down 0.8 cents at $1613an ounce on the Comex division of the New York Mercantile Exchange.Yesterday, it added $6.30 to settle at $1,613.80 an ounce. That's the highest settlement for a most-active contract since Feb. 26. Prices fell $3.80, or 0.2%, on Wednesday.
Gold rose to the session high after the U.S., the Department of Labor said the number of people who filed for unemployment assistance last week rose by 2,000 to a seasonally adjusted 336,000, compared to expectations for an increase of 8,000 to 342,000.
Meanwhile, the Fed announced Wednesday that it will leave its loose monetary policy in place, citing concerns over high unemployment levels and risks from tax increases and federal government spending cuts.
Fed officials reaffirmed their commitment to keeping short-term interest rates at record low levels at least until unemployment falls to 6.5%. The current unemployment rate is 7.7%. Elsewhere, the European Central Bank announced that it will continue to supply emergency funding to Cyprus's banks until next Monday.
The ECB said that further funding would be considered if an agreement with the European Union and the International Monetary Fund on a bailout is in place.Negotiations aimed at finding an alternative solution on a bailout deal for the tiny island continued after the country’s parliament rejected a controversial bank deposit tax in a vote on Tuesday. Cyprus needs to come up with EUR5.8 billion on its own in order to secure EUR10 billion in rescue loans from international creditors.
MCX April gold futures may open today’s session near Rs 29770 with resistance near Rs 29830 levels and support near Rs 29700 levels.
Source  by Commodity Insights