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Gold Flattens After Recent Gains

Capital Market/ 09:20 , Nov 20, 2012

Gold futures flattened in the early Asia action today after smashing gains of nearly $20 yesterday buoyed by the rally in equities and weak US dollar.

Wall Street scored its best session in more than two months yesterday helped by upbeat housing data and increasing confidence that a U.S. budget deal would be reached to avoid the so-called “fiscal cliff.”

European stocks likewise saw a strong advance, with many of the region’s main indexes closing more than 2% higher.

Today, Asian stocks rose Tuesday after an overnight rally for global stocks on optimism the U.S. fiscal-cliff will be averted, though higher valuations after recent gains and a pre-market downgrade of France’s credit rating helped cap gains.

Hong Kong’s Hang Seng Index added 0.9%, Australia’s S&P/ASX 200 and South Korea’s Kospi rose 0.5% each, and Taiwan’s Taiex gained 0.3%. Japan’s Nikkei Stock Average rose a modest 0.1% after leading market gains over the past few sessions, while China’s Shanghai Composite Index slipped 0.1% after a higher opening.

During the Tokyo midday break, the Bank of Japan released its latest policy decision, keeping its interest-rate target and asset-buying program unchanged.

Gold for December delivery is trading flat at $1,734.7 an ounce on the Comex division of the New York Mercantile Exchange on Monday. Yesterday, it rose $19.7 (1.2%) to settle at $1,734.4 an ounce rising to as high as $1,735.8 during intraday trading.

MCX December gold futures may open today’s session near Rs 31680 levels with support near Rs 31640 levels and 31740 levels.

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