Gold futures edged up towards $1600 an ounce on bargain buying. However gold was unable to breach the psychological $1600 an ounce mark. Gold also benefited from weakness in equity markets, which had been on a record-breaking run up that drew some investors away from gold in recent weeks. Gold is widely considered a safe haven, and demand for it tends to weaken when riskier assets like equities are rallying. This week, gold traders will be closely watching U.S. data on retail sales, industrial production and inflation to determine the strength of the economic recovery. Any improvement in the U.S. economy could scale back expectations for further easing by the Fed, boosting the U.S. dollar and weighing on dollar-denominated commodities. Gold for the April delivery on COMEX quotes higher at $ 1,594, up $2, after hitting high $1598 per ounce. Euro quotes at $1.30, down 0.26% from last close.
MCX Gold April contract quotes higher at Rs 29578, up 0.45% from last close, after trading in the range of Rs 29,585-29,413 level. Technically, the counter is having next resistance at Rs 29,680-29,700 and supports at Rs 29,520-29,460 level. MCX May silver contract quotes at Rs 55056, up 0.21% from last close.
Source by Commodity Insights
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