GOLD TRADES FLAT IN ASIA
Date: 26/3/2012
Gold futures are trading flat in Asia today with the equities trading mixed and the US dollar trading weak against the major currencies. The COMEX April gold is expected to face a resistance near $1680 levels and a support near $1625 levels this week.
Gold for April delivery are trading flat at $1662 an ounce on the Comex division of the New York Mercantile Exchange. On Friday it ended higher by $19.90, or 1.2%, to settle at $1,662.40 an ounce.
Elsewhere on the Comex, silver for May delivery settled at USD32.21 a troy ounce by close of trade on Friday, retreated 1.13% on the week. On Thursday, prices declined to USD31.12 a troy ounce, the lowest since January 20.
Meanwhile, copper for May delivery dropped 1.78% over the week to settle at USD3.807 a pound. Prices fell to a two-week low of USD3.752 a pound on Thursday.
In the week ahead, market participants will be looking to Friday's meeting of euro zone finance ministers to discuss the lending capacity of the region's permanent bailout fund, the European Financial Stability Facility.
Meanwhile, the U.S. is to release data on consumer confidence, pending homes sales, and factory output, all of which will be closely watched in order to gauge the strength of the U.S. economic recovery.
MCX April gold may start today's session near Rs 28100 levels with resistance near Rs 28150 levels and support near Rs 27970 levels.
Meanwhile, gold traders continued to monitor developments surrounding a nationwide strike by bullion and jewelry dealers in India, which has led to muted demand on the physical market in New Delhi over the past week.
Indian jewelry and gold shops remained closed for a seventh day on Friday, extending the first nationwide strike in seven years in protest of a duty hike on unbranded jewelry and the doubling of an import duty on gold.
It is uncertain how long this impasse will continue. According to local traders, imports could decline by as much as 35% in 2012 from a record 969 tonnes a year earlier, while the industry might face more difficult time in coming days as marriage season begins.
Powered by Commodity Insights
No comments:
Post a Comment