Gold Bounces Back; Silver Stays Weak

Gold........

Gold futures bounced back in the late Asia session today as the US dollar gave back the Fed led gains; however the white metal was unable to get back after yesterday massive beating. COMEX August bullion futures jumped up by more than $12 a ounce in the electronic session today after tearing down by almost $100 yesterday to $1275.4 the lowest of the session and the 2 ½ year low. MCX August gold futures are trading marginally higher as the weakening Rupee supports. August contract gold is trading up Rs 10 at Rs 26879 per 10 grams after falling to the low of Rs 26808 earlier in the session. COMEX July Silver futures are trading down 0.008 at $ 19.81 per ounce. Local silver futures on Multi Commodity Exchange broke below the crucial mark of Rs 41000 per kg down more than Rs 3000 in last 2 sessions. The rupee resumed lower at 59.74 per dollar as against the last closing level of 59.57 at the Interbank Foreign Exchange (Forex) Market. Meanwhile, the Indian benchmark BSE-30 share index, Sensex, recovered from initial losses and was quoting higher by 73 point at 18,799. The dollar edged lower Friday, easing further off its highs made Thursday but still holding some of its gains in the wake of signals that the Federal Reserve may trim its stimulus this year. In the early East Asia afternoon, the ICE dollar index— which tracks the U.S. currency against six rivals — sat at 81.764, down from 81.823 late Thursday in North America. The euro rebounded modestly to $1.3230 from $1.3221. The Japanese yen proved an exception to the dollar’s downward motion, with the U.S. currency rising to ¥97.75 from ¥97.38 late Thursday. The Japanese yen proved an exception to the dollar’s downward motion, with the U.S. currency rising to ¥97.75 from ¥97.38 late Thursday. Source by Commodity Insights