GOLD
STAYS STEADY AHEAD OF G7
DATE: 05/06/2012
Gold futures are
trading steady ahead of the G7 meet with the weak US dollar, higher opening in
European equities and jump in crude oil futures above $84 a barrel. However cut
in the interest rates might be bearish for gold and may take it lower.
European stock markets
opened higher on Tuesday, with positive sentiment stemming from an upbeat
economic data out of China and news Group of Seven finance ministers and
central bank governors will hold a conference call on Tuesday to discuss the
European debt crisis.
The Spain IBEX 35
index rose 0.9% to 6,296.40, while the German DAX 30 index gained 0.4% to
6,000.52 and the French CAC 40 index gained 0.8% to 2,976.16. U.K. markets
remain closed for the second of a two-day holiday to mark the Queen's Diamond
Jubilee.
In currencies, the ICE
dollar index, which measures the greenback's performance against six major
global currencies, slipped to 82.552 from 82.878 late Friday.
Among other major
currency pairs, the British pound was changing hands for $1.5400, up from
$1.5382, while the U.S. dollar was little changed against the Japanese yen at
¥78.329, compared with ¥78.330 late Monday. The Australian dollar, meanwhile,
added to gains against the greenback despite immediate volatility after the
Reserve Bank of Australia cut its policy interest rate by a quarter-point to
3.5%.
US August delivery
gold futures are trading up $ 1 at $1615 levels. MCX August gold is up more
than Rs 100 at Rs 29997 per 10 grams. It may face a resistance near Rs 30050
levels with support around Rs 29830 levels.
POWERED BY: COMMODITY INSIGHTS
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