GOLD STEADY NEAR $ 1640
DATE: 19/04/2012
Gold futures remained steady near $1640 levels in pre European session today, with oil futures also trading flat near $103 a barrel. Asian equities traded mixed after fall in the US markets yesterday.
In the latest update from WGC, it said that while chances of a third round of U.S. quantitative easing measures have dimmed. It also dais that yellow metal's price outlook is positive due to its global appeal and value in hedging against both inflation and deflation. The dual fears of inflation and deflation in the sovereign debt crisis-plagued euro zone, therefore, have been supportive of the yellow metal.
Developments in China and India in first quarter 2012, however, were arguably bearish for gold's outlook, as China's weak economic data and the Indian government's announced import duties and jewelry tax hikes cast doubt on the strength of future demand from the two countries. Still, gold managed to rise 8.6 percent in the first quarter of 2012 against the dollar because other factors supported prices, the London-based WGC said in its latest quarterly commentary.
An ounce of gold on COMEX division for New York Mercantile Exchange is trading up $1 at $ 1641. A positive start in Europe may take it towards $1650-60 levels today.
Domestic bullion futures for June delivery are trading down nearly Rs 15 at Rs 28504 per 10 grams. A move above RS 28530 may take it to Rs 28570 and Rs 28620 levels. A fall below Rs 28470 may take it to Rs 28420 levels.
POWERED BY: COMMODITY INSIGHTS
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