Gold........
Gold for June delivery is trading flat at $1424 an ounce on the Comex division of the New York Mercantile Exchange. It fell $9.80, or 0.7%, to settle at $1,424.50 an ounce. Prices, which tallied a four session loss of more than 3%, settled at their lowest level since April 24.
Gold prices on Monday fell $2.30, or 0.2%, as the dollar strengthened and investors weighed a report indicating the Fed is preparing to bring current monetary stimulus to an end.
On the economic front today, the Bank of America Merrill Lynch has cut growth forecasts for China, saying that sluggish external demand is in part behind its dimmer view of economic activity for this year. Merrill Lynch now expects gross domestic product in 2013 to expand by 7.6% from 8%.
Merrill Lynch also reduced its 2014 GDP projection to 7.6% from 7.7%, and noted its forecasts are below consensus of around 7.8% to 8% for this year and next.
Meanwhile, the International Monetary Fund said in a report Wednesday that New Zealand's economy continues to recover but the country remains sensitive to external developments and the strong local currency is acting as a headwind to growth.
The IMF country report added that rising house prices--which are already elevated by standard metrics--are a growing concern for the country and that New Zealand's high external debt is making it desirable to raise that national savings rate.
MCX June gold futures may open today’s session near Rs 26740 levels with support around Rs 26700 and Rs 26640 levels.
Source by Commodity Insights
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