U.S Gold futures are trading steady ahead of the U.S data release.
U.S. consumer inflation, industrial production and consumer sentiment
index data are due out later today and next week's Federal Reserve
meeting could be the next catalysts to provide increased action for
gold, which has been noticeably lethargic in recent days. On the Comex
division of the New York Mercantile Exchange, gold futures for April
delivery quotes at $1591.40, up $0.80 per troy ounce, easing from
$1593.20 an ounce. Silver futures quote at $28.88, up 0.07 per ounce.
Euro quotes at $1.31, up 0.41% from last close. Local currency
appreciated with rupee ended the day at Rs 54.03 per USD, down 0.53%
from lastcloseLocal gold futures pared the early gains as global prices eased and due to stronger rupee. The MCX April contract slumped from the high of Rs 29,420 and currently quotes at Rs 29,343, down Rs 44 per 10 grams from last close. Technically, the counter is likely to find support at Rs 29,260, Rs 29,150 and resistance at Rs 29,450, Rs 29,500 level. MCX Silver May futures eased from session high of Rs 54,485 and quotes at Rs 54,341, up Rs 52 per 1 kg. The counter is having strong support at Rs 54,290, Rs 54,000 and resistance at Rs 54,500, Rs 54,600 level.
Source by Commodity Insights
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