Gold......
extended losses below $1460 an ounce in the Asia electronic session today as the US dollar sharpened above 100 yen level for the first time in four years.
Yesterday, the U.S. dollar rose above the 100 Japanese-yen-level on as recent stronger data points have eased investors’ fears about U.S. economic growth.
The dollar bought ¥101.16, up from late Thursday’s level of ¥100.48. The dollar managed to bounce above the ¥100 threshold after Thursday’s release of weekly U.S. jobless data, which came in better than anticipated.
Gold for June delivery is trading down $8.8 at $ 1459.8 per ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it fell $5.10, or 0.4%, to settle at $1,468.60 an ounce. Gold on Wednesday climbed $24.90, or 1.7%, to $1,473.70.
The dollar’s climb toward the ¥100 mark had accelerated after Japan’s central bank in early April unveiled a massive stimulus program, but greenback kept running into resistance in its tests of the triple-digit mark until Thursday.
The Aussie was little changed Friday after the Reserve Bank of Australia cut its 2013 inflation forecast, seeing the level at about 2.25% compared with its previous view of 2.5%. In a statement about monetary policy, the RBA also said it expects economic growth to be a little below trend over the rest of this year, before picking up pace through 2014. Earlier this week, the RBA cut its key interest rate by a quarter-percentage point to a record low 2.75%.
The euro traded at $1.3040, little changed from $1.3038 late Thursday. The British pound was also flat against the greenback Friday from late Thursday’s level of $1.5442.
MCX June bullion may open today’s session near Rs 27050 levels with support near Rs 27000 and Rs 26900 levels and resistance near Rs 27110 levels.
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