Thursday, 15 May 2014

Gold prices holds above $1,300 with U.S. data in focus and Chinese buying eases

Gold prices fell, but remained above the $ 1,300 level on Thursday key, as market players looked ahead to key U.S. data further in the session for additional indications on the economic strength and need for stimulus.

Gold clung to overnight gains that pushed it over the key level of $ 1,300 an ounce, supported by geopolitical crisis in Ukraine and technical buying in China.

On the Comex, gold for delivery in June lost 0.29%, or $ 3.80, to trade at $ 1302.10 a troy ounce during early European morning hours.

Prices remain in a range from $ 1,301.50 and $ 1,307.30 an ounce. Gold rose to $, $ 1309.20 an ounce on Wednesday, the highest figure since May 7, before settling at $ 1305.90, up 0.86%, or $ 11.10.

The prices of gold were likely to find support at $ 1289.10 an ounce, the low of May 13 and resistance at $ 1,315.00, the high of May 7.

The U.S. will unveil data on baseline jobless claims as consumer price inflation and industrial output, and a report on manufacturing activity in the Philadelphia region later Thursday.

The official data demonstrated that French GDP held in the first quarter, disappointing prospects for growth of 0.2% as consumer spending plummeted.

While, investors controlled current tensions in eastern Ukraine, since the conflict between pro-Russian separatists and Ukrainian forces continued.

Interim Leader of Ukraine on Wednesday drove a plan to make more voice over their affairs regions, but excluding separatists roundtable talks cast doubts on whether the measure would defuse the crisis.

The rise in prices has discouraged physical buyers with premium main buyer China fell to less than $ 1 per ounce in spot rates, compared with $ 2.50 in the previous session. a Indian MCX Commodity advisory and generally offers services & news about in bullion trading market. Follow 100McxTips company Facebook profile page ( and get market news tweets @ 100mcxtips

No comments:

Post a Comment