Gold futures flattened ahead of the US GDP data due later in the session today. In the Asia session the metal was trading steady above $1470 levels as the dollar was trading lower.
European stock markets
were on track to break a five-day winning streak on Friday, with
investors staying cautious ahead of a closely watched report on U.S.
economic growth in the first quarter. The Stoxx Europe 600 index dropped
0.6% to 295.23, after putting in its longest winning streak of the year
on Thursday. In the early Europe trading hours, gold for June delivery is trading flat at $1,462 an ounce. After having a bloodbath last week, the metal is about to close the week with the gains of nearly 5%.
Thursday’s session was a standout, with the June contract jumping $38.30, or 2.7%, to $1,462 an ounce. A weaker U.S. dollar has also helped gold prices rise after a massive selloff that’s left them down by more than 8% this month.
The dollar on Friday was lower against key rivals before the release of the first-quarter gross domestic product report.
Bank of Japan held off announcing any new policy measures at its first meeting since unveiling a huge stimulus package this month aimed at stoking the limp economy. In a brief, two-paragraph statement the central bank said its widely expected decision to stand pat was reached by a unanimous vote by its board.
Earlier Friday, data released showed Japan's core consumer prices, which exclude volatile prices of fresh food, fell 0.5 per cent on-year in March, highlighting the tough task ahead for the bank and the government.
MCX June bullion are trading above Rs 27000 per 10 grams. It should find a support near Rs 26870 levels and resistance near Rs 27250 levels.
U.S. economic activity will come into focus Friday, with the Commerce Department slated to release its first-quarter GDP report later Friday at 8:30 a.m. Eastern time.
Source by Commodity Insights
No comments:
Post a Comment