Gold Down On High Risk Appetite

Gold....
Gold futures are trading slightly lower in Asia electronic session today with the metal getting less demand as the appetite for risky assets remained high.
Asian shares rebounded after three days of losses as growing optimism over the US economy helped send stocks higher globally. The impetus for “risk” assets was provided by US weekly initial jobless claims, the underlying trend in which has fallen to a five-year low, delivering further evidence that the country’s labour market is improving.
The MSCI Asia Pacific index gained 0.5 % with Japan’s Nikkei 225 Stock Average up 0.7 %, South Korea’s Kospi Composite index adding 0.3 % and Australia’s S&P/ASX 200 index 0.9 % higher. But Chinese shares underperformed regional peers with the Shanghai Composite index down 0.7 % and Hong Kong’s Hang Seng index easing 0.1 %.
Gold for April delivery is trading down 0.3 cents at $ 1590.4 an ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it closed up $2.30, or 0.1%, to settle at $1,590.70 an ounce after tapping a low of $1,575.20.
Data Thursday showed an unexpected drop in weekly jobless claims to a near two-month low, helping to fuel a climb in U.S. equities and lifting the S&P 500 index near its all-time closing high.
On the economic front today, The Japanese government upgraded its assessment of the domestic economy for the third straight month in March, saying it was "showing movements of picking up," as industrial production and corporate profits all showed signs of improvement.
In its monthly report released Friday, the government raised its assessment of industrial production, corporate earnings, capital investment and employment. It said economic recovery is "expected to resume gradually, supported by the improvement of confidence, the improvement of export conditions and the effect of the policy package and monetary policy."
MCX April gold futures may open today’s session near Rs 29360 with support around Rs 29300-270 levels and support near Rs 29410 levels.
Source by Commodity Insights