The advance came as the dollar extended its fall in Asia on Monday, with the ICE dollar index a measure of the greenback’s performance against six major global currencies — sliding to 82.326 by mid-afternoon in Hong Kong, compared with 82.484 in North America late on Friday.
Gold futures for delivery in June are up $19.1 to $1,472.7 an ounce on the Comex division of New York Mercantile Exchange. The bounce comes after prices retreated $8.40 in a regular session on Friday. The metal recorded gains of more than 4.2% last week, for its first advance in five.
The coming week will bring another set of key U.S. indicators, including a government report on consumer spending on Monday, the consumer confidence index on Tuesday, monthly trade figures on Thursday, and the crucial non-farm payrolls data for April on Friday. April manufacturing indicators are also set for release from the U.S., China and the euro zone.
Furthermore, the Federal Open Market Committee monetary-policy decision is due Wednesday, while the European Central Bank is expected by many economists to cut interest rates by a quarter-point on Thursday.
MCX June bullion futures are trading up Rs 30 at Rs 27229 per 10 grams. The traders may buy it at current levels with target of Rs 29290 and Rs 29350 levels with stop loss of Rs 29190.
Source by Commodity Insights
No comments:
Post a Comment