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Wednesday, April 15, 2009

Gains get trimmed in gold as dollar jumps

Traders await for release of US CPI, housing, manufacturing, industrial data

Gold futures trim their earlier gains as the US dollar scored higher against the major currencies with the traders turning cautious ahead of the crucial data releases from US.

An ounce of Gold on Comex Division of the New York Mercantile Exchange is trading up $ 1.1 at $ 893.1 per ounce. Counter has good resistance at $902 with supports at $ 886 levels.

MCX June gold contract is trading at Rs 14356 per 10 grams up Rs 28. Counter rebounded from the low of Rs 14274 earlier in the session and a break of that may take it to 14230 and 14180 levels.

On the economics calendar, traders will be watching the release of March consumer price inflation data at 8:30 a.m. Eastern. Following two consecutive months of gains in the producer price index, the PPI unexpectedly fell 1.2% in March, the Labor Department reported Tuesday, reviving deflation fears. Markets will also be watching the release of the April Empire State index, a gauge of manufacturing activity in New York state, at 8:30 a.m., net inflows data at 9 a.m. Eastern and March industrial production data at 9:15 a.m. Eastern. The NAHB housing market index is due for release at 1 p.m. And the Fed's Beige Book of economic anecdotes will be released at 2 p.m.
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