Gold......
Gold futures are trading flat in the Asia electronic trades today
after it fell nearly $10 at $ 1377 per ounce on disappointment that Bank
of Japan offered no additional stimulus at its policy meeting and the
strong Yen hurt the risk appetite in market.
Asia markets traded
lower Wednesday, with investors slapping down Japanese stocks after the
yen spiked overnight. Japan’s Nikkei Stock Average had thudded 1.8%
lower by the end of the morning session, but it held on to the 13,000
level, trading at 13,072.61.
Other major indexes fell more
modestly, with Australia’s S&P/ASX 200 down 0.9%, and South Korea’s
Kospi losing 0.3%, while Singapore’s Straits Times Index and New
Zealand’s NZSX 50 each lost 0.3%.
Markets in China — including those in Hong Kong and Shanghai — were closed for the Dragon Boat Festival.
The
sharp fall in the US dollar was also of little help to the gold and
other commodities. The dollar fell by almost 2 full yen overnight, with
the greenback sitting at ¥96.48 midday in Tokyo after buying more than
¥98 at Tuesday’s Japan stock close.
The dollar traded above ¥100
early last week but hasn’t moved above that level since Japanese Prime
Minister Shinzo Abe announced a slate of economic reforms — referred to
as the “third arrow” of his three-pronged push to revive the nation’s
fortunes, along with fiscal stimulus and monetary easing
Gold for
August delivery is trading at $ 1377.2 up 2 cents an ounce on COMEX
division of New York Mercantile Exchange. Yesterday, it ended Nymex
floor trading down $9 at $1,377 an ounce. Earlier, the August contract
traded as low as $1,364.50, its lowest intraday level since April 15.
MCX
August gold futures may open today’s session near Rs 27900 levels with
resistance near Rs 27950 levels and support near Rs 27750 levels.
Source by Commodity Insights
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