Thursday, 22 August 2013

Gold Steady But Dollar May Weigh

Gold futures are trading steady above $1375 an ounce in the Asia electronic session today, however the metal may face a resistance as the dollar strengthened.
Gold for December delivery is trading up $5.70 to $1,376.5 an ounce, extending its yesterday’s gains on the New York Mercantile Exchange. Earlier, today it jumped to as high as $1379 an ounce.
Yesterday, the gold prices rose to the highest levels of the day after the U.S. Department of Labor said the number of individuals filing for initial jobless rose by 13,000 to a seasonally adjusted 336,000 last week. Jobless claims for the preceding week were revised up to a gain of 323,000, from a previously reported 320,000.
The minutes of the central bank’s July meeting showed that Fed officials were "broadly comfortable" with plans to scale back the bank’s USD85 billion-a-month stimulus program. However, policymakers remain divided over the timing of possible reduction, with almost all committee members agreeing that a change in the asset purchase program was not yet appropriate.
The minutes described recent U.S. economic data as “mixed”, indicating that plans to taper could be pushed back if the economy was to weaken. The central bank is scheduled to meet September 17-18 to review the economy and assess policy.
The Kansas City Federal Reserve hosts an annual meeting of central bankers at Jackson Hole, Wyo., which is due to kick off Friday. While Fed Chairman Ben Bernanke won’t be attending, markets will watch the proceeding for any further clues to the policy outlook.
MCX October gold futures may open today’s session near Rs 31220 levels with resistance near Rs 31300 levels. Yesterday, it closed down nearly 1 % at Rs 31140 per 10 grams.

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