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Thursday, July 23, 2009

Gold gives up gains; may take cues from US data

MCX gold trapped in the range of Rs 50 as it approaches Rs 15000

Gold gives up gains as greenback minimised its losses especially against the single currency in the mid day London trades.

The U.S. stock futures on Thursday rose as mergers-and-acquisition activity returned ahead of a fresh wave of earnings releases. S&P 500 futures rose 2.9 points to 952.30 while Nasdaq 100 futures rose 5.5 points to 1,562.00. Futures on the Dow Jones Industrial Average improved 25 points.

In Asia the India's BSE Sensex closed with broad gains of nearly 400 points to 15231. India's industrial production recorded positive growth rate in two consecutive months ended May 2009.The Index of Six core industries having a combined weight of 26.7 % in the Index of Industrial Production (IIP) with base 1993-94 stood at 251.6 in June2009 and registered a growth of 6.5% compared to a growth of 5.1% in June2008.

In the currency movements we see that the dollar is down just .04% against the single currency. However it continued to escalate higher against the Japanese Yen which is down nearly a percent to 94.35.

Economic data includes weekly jobless claims, due at 8:30 a.m. Eastern, and existing home sales data for June, tapped for release at 10 a.m.

Most active comex gold futures contract is down 70 cents at $ 952.6 per ounce. Gold continued to hover in a tight range today however its trading above the threshold of $950 and should continue to hold above that in the rest of the session.

MCX Gold benchmark contract came near the Rs 15000 mark its having very strong chances of breaking the levels. It has been trapped in a narrow range of Rs 50 per 10 grams. If it sustains above Rs 14980 levels then may break above Rs 15000. The momentum depends on the housing data to be released from US.
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