U.S Gold futures are trading
steady ahead of the U.S data release. U.S. consumer inflation,
industrial production and consumer sentiment index data are due out
later today and next weeks Federal Reserve meeting could be the next
catalysts to provide increased action for gold, which has been
noticeably lethargic in recent days. On the Comex division of the New
York Mercantile Exchange, gold futures for April delivery quotes at
$1591.40, up $0.80 per troy ounce, easing from $1593.20 an ounce. Silver
futures quote at $28.88, up 0.07 per ounce. Euro quotes at $1.31, up
0.41% from last close. Local currency appreciated with rupee ended the
day at Rs 54.03 per USD, down 0.53% from last closeLocal gold futures pared the early gains as global prices eased and due to stronger rupee. The MCX April contract slumped from the high of Rs 29,420 and currently quotes at Rs 29,343, down Rs 44 per 10 grams from last close. Technically, the counter is likely to find support at Rs 29,260, Rs 29,150 and resistance at Rs 29,450, Rs 29,500 level. MCX Silver May futures eased from session high of Rs 54,485 and quotes at Rs 54,341, up Rs 52 per 1 kg. The counter is having strong support at Rs 54,290, Rs 54,000 and resistance at Rs 54,500, Rs 54,600 level.
Source by Commodity Insights
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