GOLD INCHES UP; EUROPE DATA DUE
DATE: 17/04/2012
Gold futures inched up slightly in the early Europe session buoyed by the high opening of the European stocks. However the higher dollar may hinder upside for the metal.
European stock markets traded mostly higher on Tuesday, with investors awaiting a swath of economic data from the euro zone and a debt auction out of Spain. The dollar index edged higher today with a Spanish bond auction, survey data from Germany and U.K. inflation figures on tap for later in the global trading day.
The ICE dollar index, which measures the greenback against a basket of six currencies, edged up to 79.65 from 79.53 in late North American trading on Monday. The euro drifted down to $1.3111 from $1.3141 in late trading Monday.
Spain is set to hold a bond auction Tuesday. A recent jump in yields to the key 6% level has meant that investors have become increasingly nervous about the country's finances. The release of the German ZEW indicator of investor sentiment is also slated for Tuesday.
The Reserve Bank of Australia's interest-rate-setting committee minutes out Tuesday showed that board members judged it prudent to wait for more data before adjusting policy but didn't explicitly rule out a rate cut in May. Australia produces inflation data on a quarterly basis, and the next release is due out next week, just before the RBA's May rate-setting meeting.
COMEX June gold futures are trading up $1 at $ 1651 per ounce. The metal has been mixed due to gains in the equities and the US Dollar. Domestic gold futures may face a critical resistance near Rs 28555 levels and support near Rs 28455 levels. A break of the range is required for the commodity to move in either of directions.
POWERED BY: commodity insights
No comments:
Post a Comment