Gold dipped in red after early gains as $940 looked difficult to breach and also as the US dollar surged against the currency rivals today. Overall the global equities were higher today with European shares up, putting markets on track for a fifth straight session of gains as major U.S. companies continued to beat earnings expectations. Asia stocks also rose, but gains were tentative ahead of the weekend.
U.S. stock futures fell after General Electric's second-quarter results, pointing to a lower opening on Wall Street.
Oil slid below $62 a barrel and base metals also declined, as traders turned away from industrial commodities amid lingering concerns over the outlook for the global economy.
Gold is seen consolidated in a narrow range these days, in the last 2 days it has traded in the range of $941 – 933.3 which is the range of $7.7.
There is no such striking factor in the markets right now, which will boost the gold very easily. It has been facing stiff resistance at the $941 levels and may continue to face it in the near term. The deflationary scenario has overshadowed all the positive factors for gold.
MCX August bullion faced stiff resistance near Rs 14790 levels as was recommended in the morning update.
It was last seen quoting at Rs 14731 up nearly Rs 20 per 10 grams. A break of days high may take it to 14825 and 14865 levels. Otherwise the supports are at 14690 and 14655 levels.
Holdings of the largest gold exchange-traded fund, the SPDR Gold Trust, inched up 0.31 tonnes on Thursday.
However, London's ETF Securities said it saw an outflow of nearly 40,000 ounces that day from its ETFS Physical Gold product.
Non-Farm Payrolls Fail To Lift Gold: June's US non-farm pay rolls bumped up, raising questions about when the US economy will bottom and brought to an end a string of improvements dating back to February.
Payrolls have been improving since the month of February 2009; June was the first month when it surged above the previous month's payrolls.
Non farm pay rolls changed the sentiments for the entire financial world, with the equities taking a downward path, Yen gaining strength, crude oil sinking to nearly 2 month lows, gold also tumbled to near $900 levels its lowest level since May 5 2009.
U.S. stock futures fell after General Electric's second-quarter results, pointing to a lower opening on Wall Street.
Oil slid below $62 a barrel and base metals also declined, as traders turned away from industrial commodities amid lingering concerns over the outlook for the global economy.
Gold is seen consolidated in a narrow range these days, in the last 2 days it has traded in the range of $941 – 933.3 which is the range of $7.7.
There is no such striking factor in the markets right now, which will boost the gold very easily. It has been facing stiff resistance at the $941 levels and may continue to face it in the near term. The deflationary scenario has overshadowed all the positive factors for gold.
MCX August bullion faced stiff resistance near Rs 14790 levels as was recommended in the morning update.
It was last seen quoting at Rs 14731 up nearly Rs 20 per 10 grams. A break of days high may take it to 14825 and 14865 levels. Otherwise the supports are at 14690 and 14655 levels.
Holdings of the largest gold exchange-traded fund, the SPDR Gold Trust, inched up 0.31 tonnes on Thursday.
However, London's ETF Securities said it saw an outflow of nearly 40,000 ounces that day from its ETFS Physical Gold product.
Non-Farm Payrolls Fail To Lift Gold: June's US non-farm pay rolls bumped up, raising questions about when the US economy will bottom and brought to an end a string of improvements dating back to February.
Payrolls have been improving since the month of February 2009; June was the first month when it surged above the previous month's payrolls.
Non farm pay rolls changed the sentiments for the entire financial world, with the equities taking a downward path, Yen gaining strength, crude oil sinking to nearly 2 month lows, gold also tumbled to near $900 levels its lowest level since May 5 2009.
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