GOLD MOVES HIGHER ON RISK AVERSION
DATE: 04/06/2012
Gold futures are trading higher in early European session
today on high risk aversion in the markets raising safe haven appeal for the
metal. However the metal may move down as oil is down more than 2% and Dollar
is also trading higher.
The dollar's gain included
a rebound against the Japanese yen, with the greenback returning above the ¥78
level — despite heightened investor risk-aversion and steep losses for Japanese
equities — amid caution Tokyo may intervene against the yen's appreciation. The
dollar fetched ¥78.168 early Monday afternoon in Tokyo after briefly trading
below the ¥78 mark earlier in the day.
The ICE dollar index,
which measures the greenback's performance against six major global currencies,
climbed to 82.946 from 82.878 in New York late on Friday.
Dow Jones Industrial
Average futures slid 64 points, or 0.5%, to 12,038, while Standard & Poor's
500 Index futures dropped 6.70 points, or 0.5%, to 1,267.20 in late Tokyo
trading hours.
Asian stock markets
were also awash with red ink, with Hong Kong's Hang Seng Index dropping 2.4% to
erase all gains accumulated earlier in 2012, while the broader Topix Index in
Tokyo slid 1.9% for its lowest finish in more than two decades.
Crude-oil futures
stumbled below $82 a barrel in electronic trading Monday, finding little
respite as disappointing U.S. jobs data combined with mounting worries over the
euro-zone and slowing growth in China to sap investor confidence.
Gold for August
delivery is up $1 to $1,622 an ounce in electronic trading on the Comex division
of the New York Mercantile Exchange.
MCX August gold
futures are trading down by over Rs 50 at Rs 30056 per 10 grams. The traders
may sell it with the target of Rs 29990 and Rs 29940 with stop loss at Rs
30090.
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