Gold Slightly Higher Ahead Of Testimony

Gold futures are trading slightly higher in the Asia electronic trades today with investors focusing on the Federal Reserve Chairman Ben Bernanke on 16th semi-annual testimony before both houses of Congress on Wednesday and Thursday.
Gold futures for August delivery are trading up $1 at $ 1293 per ounce on the Comex division of the New York Mercantile Exchange. It settled at $1,290.40 an ounce, up $6.90, or 0.5%. Prices also gained 0.5% on Monday.
Gold futures gained on Tuesday for a second straight session with investors waiting for Federal Reserve Chairman Ben Bernanke's congressional testimony this week for hints on the central bank's next move on monetary policy.
US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.65% to trade at $82.65.
In other currencies, the Indian rupee opened higher by 26 paise at 59.05 on per dollar on Wednesday versus 59.31 Tuesday.
The euro rose to 1.31 to the dollar. The dollar index slipped below the 83 mark ahead of testimony by Federal Reserve Chief Ben Bernanke.
MCX August gold futures may open today’s session near Rs 26420 levels with resistance near Rs 26550 levels and support near Rs 26370-50 levels.
Source by Commodity Insights