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Wednesday, February 04, 2009

Gold Recoups Tuesday's Losses

Crusing Ahead By $ 10 On NYMEX

Early Asian trades brought yet another rally in Gold prices, both COMEX and MCX are being supported by the fact that the ETFs have increased the holding in Gold day by day. Although last night brought some sharp losses when traders lashed on the opportunity to book profits, plummeting Gold from near to below $ 900 per ounce levels.

COMEX Gold April expiry is now trading at $ 901.90 per ounce up $ 9.40. This is after it closed with losses of $ 14.70 to $ 892.50 last night. MCX Gold contract for April expiry is now at Rs 14019 per 10 grams up Rs 29. Dollar is holding the uplift against the EURO and is trading at 1.2868 up 169 pips.

Today, US ISM non manufacturing data is due. The ISM Non-Manufacturing Index released by the Institute for Supply Management (ISM) shows business conditions in the US non-manufacturing sector. A result above 50 is positive (or bullish) for the USD.

A positive housing report released Tuesday morning also hurt the safety appeal of the precious metal. Pending home sales unexpectedly showed a notable increase in the month of December, according to a report released by the National Association of Realtors on Tuesday, with buyers taking advantage of improved affordability conditions.

The report showed showing that pending home sales rose 6.3 percent in December following a revised 3.7 percent decrease in November. Economists had expected pending home sales to come in unchanged compared to the 4.0 percent decrease originally reported for the previous month.

source: Capital Market

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