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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