Gold........
Gold futures are trading in a cautious mode today as traders remain
uncertainty that how long the central bank will maintain its $85 billion
a month in bond purchases.
Investors are closely watching for any
comments by the Fed about the future of its program of purchasing $85
billion a month in bonds, which is intended to stoke economic growth.
The Fed will conclude its two-day meeting Wednesday and Fed Chairman Ben
Bernanke will hold a news conference.
On the data front today,
Japan's exports surged in May, as the yen traded at its weakest levels
of the year, with the result leading to a smaller-than-expected trade
deficit. Japanese exports rose 10.1% from a year earlier, the Finance
Ministry reported Wednesday.
Gold for August delivery is trading down $1 at $ 1366 per ounce on Comex Division Of New Yrok Mercantile Exchange.
It
dropped $16.20, or 1.2%, to close at $1,366.90 an ounce in Nymex floor
trading as Fed officials began a two-day monetary-policy meeting. During
the session, gold traded as low as $1,360.20, the lowest level for a
most-active futures contract since May 23.
Economic data on
Tuesday offered a mixed bag for Fed experts. Housing starts rebounded by
a stronger-than-expected 6.8% in May, but consumer price inflation was
more subdued than expected, posting a monthly rise of 0.1%.
MCX
August gold futures may open today’s session below Rs 28000 with support
around Rs 27850 levels and resistance near Rs 27970-90 levels.
Source by Commodity Insights
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