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Thursday, October 29, 2009

COMEX Gold Jumps; US GDP Awaits

Gold futures surged in the mid London trades today as dollar depreciated after yesterday's sharp appreciation and also attracted safe haven demand as the Asian equities tumbled heavily today. 

Stock futures were mixed Thursday after the previous session's sell-off, but some signs of optimism emerged ahead of the release of U.S. gross domestic product data for the third quarter. Futures for the Dow Jones Industrial Averages rose 35 points, or 0.4%, to 9,746.

However, S&P 500 futures were virtually unchanged at 1,038.40 points and Nasdaq 100 futures were flat at 1,679.70.

Investors are eagerly awaiting the release of third-quarter U.S. gross domestic product data, which is due at 8:30 a.m. Data on weekly initial jobless claims is also on the schedule.

MCX Gold futures however traded in the petite range of Rs 80 to Rs 15946-15866 due to flat momentum in the Euro- USD pair. The counter was off late seen quoting at Rs 15867 per 10 grams. The supports for the counter are at Rs 15830 & Rs 15783 levels.

International gold futures jumped more than $ 5 at $ 1036 levels and were recently seen quoting at $ 1034.5 levels. It should find supports at $ 1026 & $ 1023 levels.
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