GOLD
FLAT NEAR $1650; RBI RATE MEETING DUE
DATE: 17/04/2012
Gold
futures are trading flat in early Asia electronic trades today with the mixed
movement in Asian equities and weak US dollar leading the sentiments.
In Asia
equities today, the Chinese shares declined, dented by fresh concerns about
economic growth, but other Asian stock markets traded mostly higher to trim
recent losses. Hong Kong's Hang Seng Index slipped 0.3%, while the Shanghai
Composite index declined 0.5%. Meanwhile, Japan's Nikkei Stock Average advanced
0.2%, and Australia's S&P/ASX 200 index traded 0.1% higher.
Those
losses came as data released Tuesday showed that foreign direct investment into
China fell 6.1% in March from the year-earlier period to $11.76 billion. The
inflow was greater than the $7.7 billion FDI in February.
Also, the
Chinese banks are now allowed to hold short positions in the U.S. dollar, the
nation's foreign-exchange regulator said Monday. The move would help banks
manage forex risk and would promote renminbi [Chinese yuan] exchange rate based
on the balance of payments, the State Administration of Foreign Exchange said
in a statement on its website.
In the
major events for the day, India's rate decision is due around 11 a.m, and the
Reserve Bank of India is expected to cut rates for the first time in three
years to revive sagging growth, though inflation pressures and a heavy fiscal
deficit are concerns. Today rupee was seen quoting at 51.61/62 to the dollar,
stronger than Monday's close of 51.68.
Gold for
June delivery is trading flat at $ 1651 per ounce on the Comex division of the
New York Mercantile Exchange. It ended lower by $10.5 or 0.6%, to end at
$1,649.7 an ounce. The metal had gained 1.8% last week.
MCX
benchmark gold may open today's session near Rs 28550 levels with support
around Rs 28470 levels and resistance around Rs 28610 levels. Yesterday it
closed lower by Rs 26 (0.09%) at Rs 28,561 per ten grams. Prices rose to a high
of Rs 28,644 per 10 grams and fell to a low of Rs 28,441 per 10 grams during
the day's trading.
POWERED BY: COMMODITY INSIGHTS
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