Gold Breaks Below
$1700 On Strong Dollar
Mar-14-2012
Date: 14.03.2012
Gold futures tumbled
below $1700 an ounce i
Gold futures tumbled
below $1700 an ounce in Asia today as the US dollar jumped to multi month highs
after the strong US retail sales data, and slight improvement in the economy.
The dollar touched an
11-month high against the yen and a one-month high against the euro on Tuesday
after U.S. retail sales data. U.S. Commerce Department data on Tuesday showed
that U.S. retail sales recorded their biggest gain in five months in February,
the latest evidence of improvement in the U.S. economy that has been supporting
the greenback.
Dollar also got boost
after Fed acknowledged slight improvement in the economy, with strong U.S. and
German data. The central bank said it expects moderate growth over coming
quarters with the unemployment rate declining gradually; in January, it said it
expected modest growth.
An ounce of gold on
COMEX division of New York Mercantile Exchange is trading at $1678 down $17 in
Asia electronic trades today. It ended lower by $5.6 or 0.3%, at $1,694.2 an
ounce on the Comex division of the New York Mercantile Exchange on Tuesday.
Prices edged up 0.1% last week. Prices shed 1.7% on the month of February 2012.
MCX benchmark gold
futures may start today's session below R 27850
per 10 grams with support around R 27750 and R 27630 levels. Yesterday April delivery closed lower by
R 140 (0.5%) at R
27,832 per ten grams. Prices rose to a high of R
27,958 per 10 grams and fell to a low of R 27,760
per 10 grams during the day's trading.
www.goldennifty.com
n Asia today as the US dollar jumped to multi month highs
after the strong US retail sales data, and slight improvement in the economy.
The dollar touched an
11-month high against the yen and a one-month high against the euro on Tuesday
after U.S. retail sales data. U.S. Commerce Department data on Tuesday showed
that U.S. retail sales recorded their biggest gain in five months in February,
the latest evidence of improvement in the U.S. economy that has been supporting
the greenback.
Dollar also got boost
after Fed acknowledged slight improvement in the economy, with strong U.S. and
German data. The central bank said it expects moderate growth over coming
quarters with the unemployment rate declining gradually; in January, it said it
expected modest growth.
An ounce of gold on
COMEX division of New York Mercantile Exchange is trading at $1678 down $17 in
Asia electronic trades today. It ended lower by $5.6 or 0.3%, at $1,694.2 an
ounce on the Comex division of the New York Mercantile Exchange on Tuesday.
Prices edged up 0.1% last week. Prices shed 1.7% on the month of February 2012.
MCX benchmark gold
futures may start today's session below R 27850
per 10 grams with support around R 27750 and R 27630 levels. Yesterday April delivery closed lower by
R 140 (0.5%) at R
27,832 per ten grams. Prices rose to a high of R
27,958 per 10 grams and fell to a low of R 27,760
per 10 grams during the day's trading. www.goldennifty.com
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