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Gold Climbs Getting Influenced By Asia

Capital Market/ 12:59 , Dec 24, 2012

Gold futures climbed in mid Asia electronic trades today getting influenced by rise in Asia equities and the metal also got boost after last week’s heavy losses.

Gold futures for February delivery are trading up $2 at $1662 a troy ounce on the Comex division of the New York Mercantile Exchange. It may face a support near $1,640 with resistance $1,672.75 in the near term.

On the week, gold futures retreated 2.3%, the largest weekly drop since June and the fourth consecutive weekly decline. On Saturday, the top Republican negotiator on the fiscal cliff, House Speaker John Boehner, said he’s ready to return to talks with the White House.

In currencies today, the U.S. dollar traded higher, with the ICE dollar index rising to 79.601 from its 79.575 level late Friday.

In the last week of 2012, investors will be waiting for word from the United States on its tax rises and spending cuts due to begin next year. The United States's fiscal cliff, a raft of automatic spending cuts and tax rises scheduled to begin in January, will remain this week's biggest business story. Politicians have yet to hammer out a deal and, with time running out, investors around the world are anxious for action.

As they wait for word from Washington, markets will mull over the latest confidence indicators from Europe, inflation data from Japan and a few key releases from elsewhere in the world.

The coming week is heavy with Japanese economic data. The world's third largest economy will release the Bank of Japan's corporate services price index (CSPI) on Monday and housing starts on Thursday. Closing out the week, officials will release consumer price index (CPI), unemployment, household spending, retail sales and industrial production data on Friday.

MCX February gold futures are trading slightly lower at Rs 30900 per 10 grams. The traders may buy the commodity with target of Rs 30940-55 levels with stop loss at Rs 30870.

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