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Thursday, November 12, 2009

Gold On Its Way To Decline As Greenback Gains

Gold futures are trading slightly up in the mid London business hours today as the US dollar sprang up against the single currency following the Geithner's statement. 

India's rupee also fell after U.S. Treasury Secretary Timothy Geithner said a strong dollar is in his country's best interest. The rupee retreated from near a three-week high after Geithner reiterated that the U.S. will tackle its swelling fiscal deficit once a recovery in the world's largest economy takes hold.

U.S. stock futures weakened Thursday after failing to move past a key technical barrier in the last session, with results from Wal-Mart Stores set to feature.

S&P 500 futures fell 2.5 points to 1,093.80 and Nasdaq 100 futures dropped 4.75 points to 1,779.00. Futures on the Dow Jones Industrial Average fell 21 points.

Thursday's economic calendar features weekly jobless claims as well as weekly oil inventories data.

COMEX Gold struck a new life time high of above $1022 in the Asian session today and tipped of from there trading at $ 1015.2 up $1.2 per ounce.

MCX December bullion also hit a new lifetime high today also accompanied by the weaker Indian currency. The counter reached a new peak of Rs 16850 up almost Rs 90 per 10 grams.
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