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Monday, May 25, 2009

Light movement in gold; US floor session closed

MCX gold traded in the range of Rs 67 i.e from 14591 to 14524

Gold showed a light and range bound movement today as generally happens on the days when the equity markets are closed. The trading volumes were thinner with financial markets in London, U.S. and Japan all closed for holidays.

International and domestic gold futures had contrast moves today. COMEX Gold futures continued to dwindle as oil also fell down reading to weakness in the Asian and European equities. European stocks were weaker on Monday but pared earlier losses, after some gloomy news on a key business sentiment survey in Germany and plenty of worries in the auto industry. And trading in Asia and Europe was shadowed today by North Korea's announcement that it had successfully test-fired a nuclear weapon underground. That report was followed by others saying that the country test-fired a short-range missile

The US floor session will be closed today on account of the Memorial Day holiday. The most active COMEX Gold futures are down $2.8 at $956.8 an ounce. The next support comes around $ 948 levels.

The domestic Gold on MCX traded in the range of Rs 67 i.e from 14591 t0 14524. The counter traded in positive zone today as the Rupee appreciated today in comparison to its Friday's closing level thereby proving supportive for domestic commodities. Right now it is trading at Rs 14572 per 10 grams. It may continue to trade in the same rest for the rest of the session.

In the data releases this week we have GDP numbers from US. Apart from that we have US existing home sales, durable goods order, new home sales. Last week we saw the GDP numbers from UK and Japan, which came in better than expected indicating that the economies are improving.
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