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Gold Little Changed As Floor Trading Shut

Capital Market/ 13:48 , Nov 22, 2012

Gold futures are little changed since the morning as the floor trading remains shut on occasion of the Thanks Giving Day in US.

Since last few days gold has traded in a quite tight range as the as investors are clueless with regard to congressional leaders’ negotiations on the deficit reduction issue and unabated debt crisis in the euro zone.

An ounce of gold on COMEX division of New York Mercantile Exchange is trading up $5.5 at $ 1729.1 in early European session today.

COMEX division of the New York Mercantile Exchange will remain closed on Thursday on account of Thanksgiving Day and will close earlier than normal trading hours on Friday.

According to a data provided by the International Monetary Fund, central banks from emerging markets continued to increase their holdings in October. Brazil, Turkey and Kazakhstan, all increased their gold holdings with an aim to diversify their foreign kitty in the back drop of growing macroeconomic uncertainty and ultra period of ultra loose monetary policies-which threatens currencies debasement.

On the data front today, Chinese manufacturing activity expands for the first time in more than a year in November, preliminary HSBC data show, suggesting the economy may really be in recovery mode at last.

MCX December gold futures are trading up by nearly Rs 15 at Rs 31827 per 10 grams. The counter may face a resistance near Rs 31900 levels in the near term.

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