Gold futures declined in the European session today as traders booked profits as soon as the metal reached the $1399.9 per ounce in Asia.
Gold traders are now looking ahead to Wednesday’s Federal Reserve minutes, as well as testimony on the economic outlook and monetary policy by Fed Chairman Ben Bernanke.
Gold for June delivery is trading down 1 cent at $ 1384 per ounce on Comex division of the New York Mercantile Exchange. Earlier in the session it rallied to as high as $1399.9 an ounce.
European stock markets nudged lower in early trade on Tuesday, taking a breather after climbing to multiyear highs in the prior day's session. Germany's DAX 30 index shaved off 0.3% to 8,429.41, while the U.K.'s FTSE 100 index slipped 0.1% to 6,749.64. France's CAC 40 index fell 0.3% to 4,009.93.
The dollar on Monday also fell against major rivals after Chicago Federal Reserve Bank President Charles Evans said more time is needed to assess progress in the labor market. The Federal Reserve has said improvement in the jobs market will be key factor in deciding when it will begin tapering its purchases of bonds, which are aimed at stimulating economic growth.
Gold prices are still down about 6% this month, hurt in part by dollar strength and outflows from gold-backed exchange-traded funds, including SPDR Gold Trust.
MCX June gold futures fell down slightly after touching the high of Rs 26362 per 10 grams. Last it was seen trading at Rs 26103 up Rs 15. The counter should face a resistance near Rs 26450-500 levels today with support near Rs 25950 levels.
Source by Commodity Insights
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