Gold for June delivery are trading flat at $ 1586.7 an ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it gained $14.20, or 0.9%, to settle at $1,586.70 an ounce.
It erased Monday’s 0.2% loss and prices marked their highest settlement since the first day of the month, when they closed above $1,600.
The dollar also slipped against the Australian dollar on Tuesday after Chinese consumer inflation data for March came in below expectations. The Aussie is sensitive to Chinese economic indicators as China is Australia’s largest trading partner.
On the data front today, China swung to a trade deficit of $880 million in March, the General Administration of Customs reported Wednesday, as imports surged 14.1% from a year earlier. The deficit followed February's $15.2 billion surplus. The gain in imports fell more than 15% in February. Exports rose 10% from March 2012.
For the week ahead, gold investors will be looking for minutes due Wednesday from the U.S. Federal Reserve's meeting on March 20, at which monetary policy makers decided to continue with its program of buying $85 billion a month in assets.
MCX June gold futures may open today’s session near Rs 29600 levels with resistance near Rs 29650 and support near Rs 29550-500 levels.
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