Gold.....
Gold futures had a breakdown below $1570 an ounce levels in Asia electronic
session today as its safe haven demand had a hit on the strong US dollar
and solid gains in the US equity markets.
Japanese stocks
rebounded early Wednesday, helped by weaker yen, with other Asian
markets putting in a lackluster performance. Japan’s Nikkei Stock
Average rose 1.8% after a 1.1% drop in the previous session, while
Australia’s S&P/ASX 200 fell 0.9% despite a higher open, and South
Korea’s Kospi surrendered 0.6%. In China, Hong Kong’s Hang Seng Index
sat little changed, while the Shanghai Composite Index rose 0.2% in
choppy trade ahead of a four-day weekend for mainland Chinese markets.
U.S.
stocks gained Tuesday, with the Dow Jones Industrial Average and the
S&P 500 both closing at record highs as health insurers rallied on
Medicare-reimbursement news and U.S. factory orders rose in February.
The
Dow industrials rose 88.16 points, or 0.6%, to 14,662.01, with the
blue-chip index topping the prior record hit late last week. The S&P
500 added 8.08 points, or 0.5%, to 1,570.25, its all-time closing high.
Gold
for June delivery is trading down $8.4 at $ 1567.5 an ounce on COMEX.
Yesterday, it dropped $25, or 1.6%, to settle at $1,575.90 an ounce. It
was just a day earlier that gold reclaimed the $1,600 an-ounce level,
rising $5.20, or 0.3%, to settle at $1,617.90 an ounce, feeding off
weaker-than-expected U.S. manufacturing data.
On Tuesday,
investors grappled with a clutch of downbeat European data, including
figures showing a deeper factory downturn in March, which drove the euro
south against the dollar. The greenback also climbed as the Japanese
yen weakened ahead of a Bank of Japan policy meeting.
The ICE dollar index traded at 82.877, up from 82.744 late Monday in North American trading.
MCX
June gold futures may open today’s session near Rs 29600 levels with
support Rs 29450 and Rs 29300 levels. Yesterday, it closed lower by Rs
422 (1.4%) at Rs 29,605 per ten grams. Prices rose to a high of Rs
30,047 per 10 grams and fell to a low of Rs 29,580 per 10 grams during
the day's trading.
At the MCX, silver prices for May delivery
closed lower by Rs 1,252 (2.4%) at Rs 51,473/Kg yesterday. Prices opened
at Rs 52,847/kg and fell to a low of Rs 51,254/Kg during the day's
trading.
Source by Commodity Insights
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