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Monday, May 17, 2010

Gold Turns Down As Equities Move Up

International gold futures turned higher in the mid London trades today as the gains in the US and European equities diminished demand for the safe metal. 

US Stock futures pointed to a higher open on Monday as investors sought to put European debt crisis concerns behind them, even as the euro fell to a four-year low. Futures for the S&P 500 were down by 1.7 points at 1137 and were 3.27 points above fair value. Futures for the Nasdaq were up by 2.5 points.

COMEX June gold futures are down 0.1 cent at $ 1227.7 per ounce. The counter had earlier hit the days high of $ 1242.8.

At 8:30 a.m. ET, the Federal Reserve Bank of New York issues its monthly survey of New York manufacturers for a read on regional business conditions.

At 9 a.m. ET, the U.S. Treasury Department releases its March Treasury International Capital report, which market-watchers look to for a read on foreign demand for U.S. debt and assets.

MCX June benchmark futures are trading up nearly Rs 35 at Rs 18199 per 10 grams. The counter traded in the range of Rs 18424 - 18175 levels. The traders may sell in on break of Rs 18160 levels with target of Rs 18040.
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