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Thursday, June 10, 2010

Gold Falters Heavily As Dollar Loses Steam

Gold floundered heavily in mid London trades today as US dollar slipped against the single currency. The gains in US equity futures also reduced appeal for gold as a safe asset. 

U.S. stock futures edged higher on Wednesday, with the Federal Reserve in the spotlight ahead of two speeches from Federal Reserve Chairman Ben Bernanke as well as the central bank's anecdotal report on the economy.

Turning up from early losses, S&P 500 futures rose 3.2 points to 1,062.40 and Nasdaq 100 futures climbed 5.75 points to 1,797.20. Futures on the Dow Jones Industrial Average rose 22 points.

COMEX August gold futures tumbled to as low as $ 1232.6 and was last seen trading down $ 10.8 per ounce. The positive data release from US may further weaken the metal.

The Fed chief will be back in the spotlight as he testifies on economic conditions at 10 a.m. Eastern and is due to deliver a speech, as markets close, at an employment conference.

The Fed also will release its Beige Book at 2 p.m. Eastern, the closely watched report on how the central bank is seeing the economy.

MCX August gold slipped below Rs 18860 and was recently seen down over Rs 110 per 10 grams. the traders may sell it with target of Rs 18810 and Rs 18770 levels.
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