Monday 13 May 2013

Gold Edges Up As Dollar Dips

Gold.......

Gold futures edged higher in the Asia electronic session today as the US dollar dipped after three sessions of gains. The metal declined yesterday on strength in the US dollar and worries that the U.S. Federal Reserve will ease back on its easy monetary policy.
Gold for June delivery is trading up $6 at $ 1440 an ounce on the Comex division of the New York Mercantile Exchange. It fell $2.30, or 0.2%, to settle at $1,434.30 an ounce yesterday. The metal have tallied a loss of 2.7% in three sessions.
Investors considered the possible curtailing of monetary-policy stimulus by the Fed. The Fed has reportedly mapped out a plan for winding down its program of buying $85 billion in bonds each month.
The U.S. dollar pulled lower Tuesday, edging back from gains against Japan’s yen, and softening against the euro ahead of the release of economic reports from Europe.
The ICE dollar index, which measures the U.S. dollar’s moves against six other major currencies, fell to 83.015 from late Monday’s level at 83.276. The U.S. dollar bought 101.51 yen, down from ¥101.81 late Monday in North America.
Still, the yen waded at nearly five-year lows against the greenback, which pierced above the ¥100 mark last week, extending its gains on the back of the Bank of Japan’s major monetary stimulus program launched in April.
Investors later Tuesday will look for a report on euro-zone industrial production in March, as well as Germany’s gauge of investor confidence — the ZEW — for May. The German index, which measures investors’ expectations for the upcoming six months, may offer upbeat news amid a generally dim growth picture for the euro zone as a whole.
MCX June bullion futures may open higher near Rs 26900 with resistance near Rs 27050 levels and support near Rs 26800 levels.
Source by Commodity Insights

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