Gold....
Gold futures are trading marginally higher in the Asia electronic
session getting support from the recent monetary easing in Japan which
took Yen to 4 year lows.
Japan’s currency fell Tuesday,
struggling at four-year lows against the U.S. dollar as it extended its
dive in the wake of fresh Japanese monetary stimulus. The U.S. dollar
bought 99.40 yen in Asian trade, compared with ¥99.21 in North American
trade late Monday.
As the greenback toyed with the ¥100 level,
Japan’s Finance Minister Taro Aso hinted Tuesday that policy makers are
unlikely to seek to slow the pace of the yen’s decline. Aso said the yen
was correcting after a period of excessive strength.
The central
bank last week said it would increase the amount of its longer-term
holdings of Japanese government bonds from ¥89 trillion ($900 billion)
at the end of December to ¥190 trillion in two years’ time. The euro
also rose against the yen Tuesday, fetching ¥129.73, up from Monday’s
level of ¥129.01 and nearing its own psychologically important handle of
¥130.
Gold for June delivery are trading up $2.2 at $ 1574.7 per
ounce on the Comex division of the New York Mercantile Exchange.
Yesterday, it fell $3.40, or 0.2%, to settle at $1,572.50 an ounce.
Gold
futures fell on Monday, marking their fourth loss in five trading
sessions, as a stronger dollar and continued outflows from
exchange-traded funds helped fuel a pull back in the wake of a strong
rally late last week.
Gold finished Friday’s session up $23.50, or
1.5%, at $1,575.90 an ounce after the U.S. Labor Department said the
economy created 88,000 new jobs in March.
MCX April gold futures may open today’s session near Rs 29600 levels with resistance near Rs 29700-750 levels.
Source by Commodity Insights
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