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Friday, February 06, 2009

Gold Range Bound On Major Exchanges

ETF Still Hold The Key For Yellow Metal Demand

After rising for three straight sessions Gold prices have been range bound so far. News of banks holding sales of Gold and ETF increasing their portfolio of Gold have surpassed the prices beyond 14 k levels.

In today's trading, Gold for February delivery rose $ 1, to end at $ 915 an ounce on the Comex division. The February contract expires on 20th February.

MCX Gold April expiry was at Rs 14230 per 10 grams up Rs 28 when last seen. The contract got benefited from the bounce in Gold contract on COMEX. Range for the contract so far has been 14150-14300 levels.

Traders will be eyeing the non-farm payrolls data from the US which can impact greenback significantly.

Today, the recession in the U.K. manufacturing sector deepened in December, with annual output plunging at its fastest rate for almost 27 years and quarterly data hitting its lowest level since U.K. factories operated a three-day week in 1974, the Office for National Statistics said Friday.

On the year, December manufacturing output dropped 10.2% from a downwardly revised 8.3% decline in November, the ONS said. That's the year-on-year largest decline since March 1981.

On the month, output declined 2.2% from a downwardly revised 3.0% decline in November, marking the tenth successive monthly drop. That's the longest consecutive contraction in manufacturing output since 1980.

Rapidly weakening output and downward revisions to the manufacturing sector, which makes up 14.3% of the U.K. economy, should see U.K. gross domestic product growth for the fourth quarter revised down to a contraction of 1.6% from a contraction of 1.5%, an ONS spokesman confirmed.

source: Capital Market
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