Gold Bullish In Rangebound Trade

Gold......

Gold  edged higher in range bound trade on Monday, as investors continued to assess the need for further easing from the Federal Reserve following last week's stronger-than-expected U.S. jobs report. The Comex division of the New York Mercantile Exchange, gold futures for June delivery trades at USD1,475.25 a troy ounce, up $11.05 or 0.75% on the day. Comex gold prices held in a range between USD1,467.85-1478.15 a troy ounce. Prices on Friday fell $3.40, or 0.2%, on the Comex division of the New York Mercantile Exchange, with the safe-haven appeal of the precious metal curbed by a better-than-expected U.S. monthly jobs report. The U.S. Department of Labor said Friday that the economy added 165,000 jobs in April, above expectations for an increase of 145,000, while job increases for the previous month were revised up to 138,000. The U.S. unemployment rate unexpectedly fell to a four-month low of 7.5% from 7.6% in March. The Federal Reserve last week recommitted to its USD85 billion a month asset purchase program and indicated that it could increase or decrease the monthly amount, depending on the outlook for inflation and employment. Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected. The Euro quotes at $1.31, down 0.13% from last close. The euro edged lower against the dollar in range bound trade on Monday as concerns over the outlook for the euro zone economy offset Friday's better-than-expected U.S. jobs data. Local gold prices edged up further on strong global cues amid weak Indian rupee against the greenback. Indian rupee was higher by 0.45% at Rs 54.17 per USD. MCX Gold extended the gains above Rs 27 k per 10 grams, with the June contract hitting the high Rs 27,234, up 1% or Rs 270 from last close. The counter edge up near Rs 27,330-27,450 and may find support at Rs 27,000-26,860 level. Silver traded higher by 1% or Rs 450 to the session high of Rs 45,628 and quotes right now at Rs 45,540 level. Source by Commodity Insights