Gold..........
Gold futures fell further 1% with the commodity again below the USD
1,400 mark in today's trading session on strong equities market. Traders
are watching the U.S trade balance report release later today. The move
come a day after gold prices reclaimed the $1,400-an-ounce level,
helped by a decline in the U.S. dollar on data showing a contraction in
U.S. manufacturing in May. The most active August Gold on COMEX
currently quotes lower at USD 1,398.55, down USD 13.35 or 0.95% from
last close, after hitting the high of USD1,414.55 per ounce. The Euro
currency was trading slightly higher at EUR1.31, up 0.12% from last
close. U.S. stock futures inched higher on Tuesday, with support coming
from gains for Europe and Japan markets. Investors will be eyeing a
couple of Federal Reserve speakers for direction, while trade data and
Core Logic house prices are also on tap. COMEX Silver July futures was
trading at USD 22.445 per ounce, down 1.21% from Monday close. The
Markit/CIPS UK construction PMI May data indicated a moderate rebound in
both output levels and intakes of new work across the UK construction
sector, largely driven by improvements in the residential building
sub-sector. The Euro zone Producer Price Index slid 0.2% in April,
compared with the 0.6% rise in March, Eurostat reported on Tuesday.
Market consensus pointed to 0.3% growth.
Indian gold futures
tumbled lead by weak global markets and strong rupee against the
greenback. Indian rupee ended the session at Rs 56.44, down 0.58%. Rupee
appreciated today, after falling to Rs 56.82 mark, a one year low level
for the local currency. MCX Gold for the August delivery quotes lower
at Rs 27,100, down Rs 237 or 0.87% from last close. Technically, the
counter is having strong support at the levels Rs 26,950, Rs 26,850
while resistance is at Rs 27,400, RS 27,480 levels. July Silver was
quoting lower at Rs 43,811, down Rs 600 or 1.36% from last close.
Source by Commodity Insights
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