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Wednesday, June 23, 2010

Gold Edges Up As Dollar Weakens

Gold futures edged higher in mid day London electronic session as the U.S. dollar weakened against its major counterparts, weighed down by expectations the Federal Reserve will keep its low-rate stance at the end of its monetary-policy meeting.

Gold for August delivery rose $5.40, or 0.4%, to $1246.40 an ounce in electronic trading on Globex. It may face a resistance near $1249 levels.

Attention turns to the Federal Open Market Committee, which releases its interest rate decision at 2:15 p.m. Eastern. Economists don't expect a rate move or even a changing of the language saying rates will be kept low for an extended period of time.

Wednesday's session features data on May new-home sales, which are expected to drop sharply, as existing home sales did in data released on Tuesday.

In markets the U.S. stock futures rose, pointing to a partial recapturing of the previous session's losses as the Federal Reserve is expected to again refrain from signalling interest rate hikes. S&P 500 futures rose 4.7 points to 1,095.20 and Nasdaq 100 futures climbed 7.5 points to 1,885.70. Futures on the Dow Jones Industrial Average added 40 points.

MCX August gold futures are trading at Rs 18728 per 10 grams. The traders may buy it again on break of Rs 18750 with target of Rs 18810-825 and a stop loss near Rs 18710.
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