MILD GAINS SEEN IN GOLD
16th March
– 2012
Gold futures are
trading with mild gains today after posting a rally of more than 1% yesterday
on back of fresh batch of strong US economic data which induced investors to
shun US dollar and go for gold and equities.
Gold is moving in tandem
with the equities and today the mixed movement in Asian equities Is capping
upside for the metal. April US gold futures are trading up $3 at $ 1663 per
ounce on the Comex division of the New York Mercantile Exchange. Yesterday it
ended higher by $16.6 or 1%, to end at $1,659.5 an ounce.
Asian stock markets
are trading mixed today, as Hong Kong and Shanghai gained, South Korea lost
ground. Japanese markets are having swings with the gain and loss in Yen. On
Thursday US came out with another set of good economic numbers with the Jobless
claims falling to a four week low.
U.S. jobless benefits
claims fell to a four-year low last week, while the New York Federal Reserve's
Empire State general business conditions index hit its highest since June 2010
last month. The Philadelphia Federal Reserve Bank's business activity index
also showed manufacturing kept growing in the region this month.
U.S. Treasury
Secretary Timothy Geithner said on Thursday that the U.S. economy is growing
again but faces tough challenges that call for action to create jobs and foster
expansion,
MCX benchmark gold may
start the session near R 27650 with resistance
near R 27750- 800 levels.
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