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Thursday, February 05, 2009

Gold Bounces From Morning Dullness

Rises $ 15 On COMEX

Gold has bounced again after witnessing slumber trades COMEX Gold is now at $ 915 per ounce up $ 13. MCX Gold contract is trading at Rs 14283 per 10 grams up Rs 230.
Gold futures rose Wednesday for the first session after three sessions, climbing back above $ 900 an ounce as safe-haven buying returned, helped by data indicating another hefty month of job losses in the U.S. Gold for February delivery ended up $9.60, or 1.1%, at $901.60 an ounce on the Comex. The contract had closed below $900 in the previous session.

The greenback is edging higher against the euro and sterling, rallying to 1.2858 and 1.4506, respectively.

US economic data was mixed on Wednesday, consisting of January ISM non-manufacturing survey and the ADP private sector payrolls report. The January ISM non-manufacturing survey unexpectedly improved to 44.2, from 38.9 in December.

The ADP private sector payrolls report in January was slightly better than expected, revealing a loss of 522k jobs instead of the 530k loss forecasted, and improving from December's loss of 693k jobs. Traders will look ahead to Friday's January labor report. The January unemployment rate is expected to edge further 7.4%, up from 7.4% previously, while non-farm payrolls are estimated to improve to 500k versus 524k a month earlier.

source: Capital Market
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