Gold......
Gold futures slipped in the Asia electronic session today but the metal stayed above the psychological $1600 an ounce mark after it surged to its best one-day gain so far this year.
Gold for delivery in April dipped $4.2 to $1,611.30 an ounce in electronic trading in Asia hours on Wednesday on the Comex division of the New York Mercantile Exchange. In the previous session, the metal rose $28.90, or 1.8%, to settle at $1,615.50 an ounce, vaulting over the $1,600 an ounce mark.
The performance on Tuesday was golds biggest one-day gain in 2013, and came as investors turned to the metal for its safe-haven appeal following an election that resulted in a political gridlock in Italy.
In addition, comments from Federal Reserve chairman Ben Bernanke reassured investors that the central bank wasnt about to pull back on its asset-buying program. Fed bond-buying has previously supported gold. Federal Reserve Chairman Ben Bernanke said Tuesday that he does not see any sign that the Feds ultra-loose monetary policy is creating a bubble in equity markets. I dont see much evidence of an equity bubble, Bernanke said in testimony to the Senate Banking Committee.
In a note that surfaced Tuesday, Goldman Sachs analysts slashed their gold forecasts for this year, saying the turn in the gold cycle is happening faster than they thought. That call came as gold enjoyed some Italian-inspired safe-haven buying that drove European stocks south. Italian stock markets were down nearly 5%.
Goldman slashed its three-month gold-price forecast to $1,615 an ounce from $1,825, its six-month forecast to $1,600 an ounce from $1,805 and its 12-month forecast to $1,550 an ounce from $1,800.
MCX April bullion futures may open todays session below Rs 30000 with support around Rs 29950 and Rs 29800 levels.
Source by Commodity Insights
Gold futures slipped in the Asia electronic session today but the metal stayed above the psychological $1600 an ounce mark after it surged to its best one-day gain so far this year.
Gold for delivery in April dipped $4.2 to $1,611.30 an ounce in electronic trading in Asia hours on Wednesday on the Comex division of the New York Mercantile Exchange. In the previous session, the metal rose $28.90, or 1.8%, to settle at $1,615.50 an ounce, vaulting over the $1,600 an ounce mark.
The performance on Tuesday was golds biggest one-day gain in 2013, and came as investors turned to the metal for its safe-haven appeal following an election that resulted in a political gridlock in Italy.
In addition, comments from Federal Reserve chairman Ben Bernanke reassured investors that the central bank wasnt about to pull back on its asset-buying program. Fed bond-buying has previously supported gold. Federal Reserve Chairman Ben Bernanke said Tuesday that he does not see any sign that the Feds ultra-loose monetary policy is creating a bubble in equity markets. I dont see much evidence of an equity bubble, Bernanke said in testimony to the Senate Banking Committee.
In a note that surfaced Tuesday, Goldman Sachs analysts slashed their gold forecasts for this year, saying the turn in the gold cycle is happening faster than they thought. That call came as gold enjoyed some Italian-inspired safe-haven buying that drove European stocks south. Italian stock markets were down nearly 5%.
Goldman slashed its three-month gold-price forecast to $1,615 an ounce from $1,825, its six-month forecast to $1,600 an ounce from $1,805 and its 12-month forecast to $1,550 an ounce from $1,800.
MCX April bullion futures may open todays session below Rs 30000 with support around Rs 29950 and Rs 29800 levels.
Source by Commodity Insights
No comments:
Post a Comment