Gold futures extended gains in the Asia electronic session today, however it continued to meander in the tight range seen last week.
Gold for April delivery is trading up $4.8 at $ 1582.8 per ounce on the Comex division of the New York Mercantile Exchange. It climbed up $1.10, or 0.1%, to settle at $1,578 an ounce yesterday, after trading between $1,574.50 and $1,582.50. That was the highest settlement for a most-active contract since Feb. 28.
Chinese stocks picked up some steam Tuesday, outperforming mild gains in most other major Asian markets as investors hoped for fresh policy measures to support Chinas economy. The session saw Hong Kongs Hang Seng Index, while the Shanghai Composite Index advanced 0.8%.
Gold prices, which finished last week with a 0.3% gain, have been rangebound, moving 0.2% or less for each of the previous five trading sessions. The counter has traded in the range of $1584-1560 levels since last one week.
Gold on Monday rose while the dollar gave back some of its recent gains. The dollar index, which tracks the performance of the greenback against a basket of other major currencies, traded at 82.615, from around 82.900 late Friday in North American trading.
Silver pulled back after last weeks 1.6% climb. May silver fell nearly 10 cents, or 0.3%, to end at $28.85 an ounce. Today, the white metal climbed back above $29 an ounce in the Asia session.
MCX April bullion futures may open todays session near Rs 29400 levels with resistance near Rs 29440-70 with support around Rs 29300 levels.
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