Gold futures are trading steady in the early European session today, however it may face a resistance near $1450 an ounce levels.
European stock markets headed for a fifth straight day of gains on Thursday, with investors increasingly hoping for a rate cut at the European Central Bank's policy-setting meeting next week after a disappointing string of data.
Investors will receive weekly U.S. jobless claims data later Thursday. Reports on first-quarter gross domestic product and consumer sentiment in April are slated for release Friday.
Gold for June delivery is trading higher by $20 to $1,443 an ounce in mid electronic trading hours. The metal should face a resistance near $ 1450-55 levels.
The weak US economic data also supported the metal. On Wednesday, the contract rose $14.90, or 1.1%, on the Comex division of the New York Mercantile Exchange. The gain came as orders for U.S. durable goods fell by a seasonally adjusted 5.7% in March
The generally soft data followed reports that manufacturing activity slowed toward the end of the first quarter, reinforcing worries about sluggishness in the broader U.S. economy.
MCX June gold futures are trading near Rs 26650 levels. The counter is expected to face a resistance near Rs 26700 levels today and it has a good support near Rs 26400 levels.
Sourced by Commodity Insights
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