Gold......
slipped well under $1330 per ounce today, not being able to hold onto its recent gains as traders resorted to profit selling ahead of the weekends. The metal witnessed a similar movement yesterday as well. The overall movement in global stocks is mixed today and gold is quoting at $1325.40, down $3.40 per ounce on the day.
Yesterday, a large increase in aircraft bookings during June drove orders for new U.S.-made durable goods up by 4.2%, the third straight large monthly gain. However, because of the volatile nature of the main component driving the headline index higher, traders continued to maintain a cautious stance on the economy. US stocks had another lackluster day amid disappointing earnings reports.
Dollar lost out yesterday and slipped further today, nearing its five week low against the Euro as Eurozone's leading economic index moved up 0.5 percent on a monthly basis to 107.5 in June, marking the third successive growth. The index increased for the third successive month in June, adding to hopes that the recession-stricken economy would recover in the second half, data from a survey by the Conference Board showed today.
The weakness in dollar could support gold. The metal has witnessed some good bargain hunting in last few days, with a break above $1300 per ounce keeping sentiments supported. The MCX Gold futures slipped towards Rs 27000 end edged up before giving up yet again today. The counter quotes at Rs 27390, down Rs 14 per 10 grams on the day. Prices had dropped to a low near Rs 27300 earlier in the session.
Yesterday, a large increase in aircraft bookings during June drove orders for new U.S.-made durable goods up by 4.2%, the third straight large monthly gain. However, because of the volatile nature of the main component driving the headline index higher, traders continued to maintain a cautious stance on the economy. US stocks had another lackluster day amid disappointing earnings reports.
Dollar lost out yesterday and slipped further today, nearing its five week low against the Euro as Eurozone's leading economic index moved up 0.5 percent on a monthly basis to 107.5 in June, marking the third successive growth. The index increased for the third successive month in June, adding to hopes that the recession-stricken economy would recover in the second half, data from a survey by the Conference Board showed today.
The weakness in dollar could support gold. The metal has witnessed some good bargain hunting in last few days, with a break above $1300 per ounce keeping sentiments supported. The MCX Gold futures slipped towards Rs 27000 end edged up before giving up yet again today. The counter quotes at Rs 27390, down Rs 14 per 10 grams on the day. Prices had dropped to a low near Rs 27300 earlier in the session.
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