Gold futures were standstill in the early European session today continuing with its range bound trading activity.
Gold for June delivery gained $6, or 0.4%, to $1,454.80 an ounce during Europe electronic trading hours. On Tuesday, prices for the precious metal fell $19.20, or 1.3%, as data suggested commodity exchange-traded funds in April logged a record month of withdrawals.
Gold investors later Wednesday may watch for comments on the market from hedge-fund billionaire John Paulson at a conference in Las Vegas.
Elsewhere Wednesday, copper for July delivery was unchanged at $3.30 a ,pound while silver for July delivery rose 11 cents, or 0.5%, to $23.92 an ounce.
On the data front, on Wednesday, Queen Elizabeth II will deliver her annual speech to parliament, setting out the coalition government's legislative programme, and German officials will release March's industrial output numbers.
Attention will turn to initial jobless claims and wholesale inventories data on Thursday. Jobless claims fell by 18 000 to 324 000 in the week ended April 27, a new recovery low. Economists expect this week's claims to climb to 335 000.
On Thursday, attention will turn to the Bank of England's monetary policy committee. Following last week's news that the UK's services sector grew at its strongest pace in eight months last month, officials are widely expected to leave the bank's base rate on hold at 0.5% and maintain the size of the bank's quantitative easing programme at £375-million.
On Friday, G7 finance ministers and central bank governors will gather in London for two-days of meetings that will focus on means of combatting tax evasion. On Thursday, attention will shift to China's latest consumer and producer inflation figures.
MCX June gold futures should face some selling pressure near Rs 26840-90 levels with support near Rs 26750-700 levels. Recently it was seen trading at Rs 26791 up nearly Rs 70 per 10 grams.
Source by Commodity Insights
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