GOLD CLIMBS AS DOLLAR TUMBLES
DATE: 26/04/2012
Gold futures climbed above $1650 in early Europe session today as the weakness in US dollar and gains in oil buoyed the investors to buy the metal.
European stock markets traded flat to lower on Thursday amid a deluge of earnings news The German DaX 30 index fell 0.3% to 6,683.20, the French CAC 40 index fell 0.3% to 3,223.79 and the Spain IBEX 35 index fell 0.6% to 7,076.20.
The dollar declined on Thursday, extending losses from the previous session when the Federal Reserve indicated it's willing to buy more bonds to support the U.S. economy, if needed.
The ICE dollar index, which measures the greenback against a basket of six currencies, reached 78.993 in Asian trading hours, down from 79.072 in late North American trading on Wednesday.
At its monthly interest rate meeting, the Federal Reserve kept rates on hold and Fed Chairman Ben Bernanke hinted that more asset buying could be on the agenda should the economy need help.
The euro reached $1.3224, from $1.3220 in late trading the previous session. The British pound traded at $1. 6167 after a volatile session on Wednesday when the U.K. officially moved back into recession.
US June gold futures surged $9 at $ 1652 per ounce in mid electronic session today. MCX June gold futures are trading up nearly Rs 70 at Rs 28908 per 10 grams. It may face resistance near Rs 28930 and Rs 29000 levels.
POWERED BY: COMMODITY INSIGHTS
No comments:
Post a Comment