Wednesday, 3 July 2013

Gold Extends Gains; COMEX Closed Today

Gold futures extended gains above $1250 an ounce in the Asia electronic session today getting safe haven appeal from political turmoil in Egypt and Portugal. U.S. markets will be closed on Thursday for Independence Day. Regular trading for Comex will resume Friday.
Gold for August delivery is trading up $3 at $ 1255 an ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it rose $8.50, or 0.7%, to settle at $1,251.90 an ounce. U.S. markets will be closed on Thursday for Independence Day. Regular trading for Comex will resume Friday.
The worse than expected fall in the Institute for Supply Management said its services index fell to 52.2% in June abating the fears of early wind up of Fed’s QE.
Monetary stimulus by the Fed and other central banks helped fuel price gains for gold in recent years. Gold prices in 2013 have plunged, however, in part as the Fed has said improvement in the economy may lead it to pull back on bond purchases as early as this year.
The data released yesterday showed that the U.S. employers added 188,000 private jobs in June, Automatic Data Processing said. Economists had expected an increase of 160,000 private jobs. Also, the Labor Department said first-time jobless claims declined by 5,000 to 343,000 last week, better than forecast. The reports lead up to Friday’s release of the highly anticipated U.S. monthly employment report.
MCX August gold futures may open today’s session near Rs 26200 levels with resistance near Rs 26300-350 levels and support around Rs 26150 levels. A tight range may be expected in gold today as the international markets remain closed today


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