Gold.......
Gold futures are trading flat near $1278 an ounce in the Asia
electronic session after Federal Reserve Chairman Ben Bernanke said
there was no set timetable for slowing U.S. monetary stimulus.
Gold for August delivery are trading flat at $ 1277.5 an ounce after dropping $12.90 during Wednesday trade on the Comex division of the New York Mercantile Exchange. The undertone may remain weak today with the dollar appreciating against the single currency.
U.S. stocks ticked higher Wednesday after the Fed chairman said the central bank’s monthly bond purchases weren’t on a “pre-set course” and could be curbed or extended, depending on economic conditions.
Bernanke’s comments Wednesday came under scrutiny for clues as to when the Fed would reduce its bond purchases. Bernanke’s remarks also drove the dollar higher, with a rising U.S. currency weighing on dollar-denominated gold by making it more expensive to holders of euro, yen and other units.
The greenback extended those gains modestly in early Thursday trading, with the ICE dollar index rising to 82.751 from 82.715 late Wednesday.
The Fed chief was due to speak before the Senate later Thursday.
MCX August gold futures may open today’s session near Rs 26400 with resistance near Rs 26460 levels and support near Rs 26350 levels.
Source by Commodity Insights
Gold for August delivery are trading flat at $ 1277.5 an ounce after dropping $12.90 during Wednesday trade on the Comex division of the New York Mercantile Exchange. The undertone may remain weak today with the dollar appreciating against the single currency.
U.S. stocks ticked higher Wednesday after the Fed chairman said the central bank’s monthly bond purchases weren’t on a “pre-set course” and could be curbed or extended, depending on economic conditions.
Bernanke’s comments Wednesday came under scrutiny for clues as to when the Fed would reduce its bond purchases. Bernanke’s remarks also drove the dollar higher, with a rising U.S. currency weighing on dollar-denominated gold by making it more expensive to holders of euro, yen and other units.
The greenback extended those gains modestly in early Thursday trading, with the ICE dollar index rising to 82.751 from 82.715 late Wednesday.
The Fed chief was due to speak before the Senate later Thursday.
MCX August gold futures may open today’s session near Rs 26400 with resistance near Rs 26460 levels and support near Rs 26350 levels.
Source by Commodity Insights
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