Monday, 26 August 2013

Gold Off Highs On Profit Taking

Gold off the high on Monday, after briefly climbing above the key $1,400 level as investors awaited further clues from the Federal Reserve as to when the central bank will start cutting back on its easy money policies. Gold pared the gains as greenback gained and on profit taking of the gains.

Asian stock markets were mixed on Monday, amid ongoing uncertainty over the timing of the Federal Reserve's widely expected reduction in monthly bond purchases.

European stocks opened lower in light trade on Monday, as investors remained cautious amid ongoing uncertainty over the future of the Federal Reserve's stimulus program.
The central bank is scheduled to meet September 17-18 to review the economy and assess policy. Market players were looking ahead to U.S. data on durable goods orders later in the day.

The U.S. dollar was mixed against its major rivals on Monday, as traders looked ahead to the release of U.S. durable goods data later in the day amid ongoing uncertainty over the timing of the Federal Reserve's widely expected reduction in monthly bond purchases.

The Euro quotes at $1.3371, down 0.06% and U.S. dollar index quotes at 81.48, up 0.07 points.

The COMEX gold December delivery trades at $1,349.50, down $1.30 a troy ounce and Silver December quotes at $24.043, up 0.262 a troy ounce.

Gold rallied nearly 2% on Friday after the Commerce Department said new home sales fell by 13.4% in July, the largest decline in more than three years.

Local Gold futures remained supported on the back of weak Indian rupee. MCX Gold October delivery quotes at Rs 31,920, up Rs 162 and Silver September contract quotes at Rs 53,926, up Rs 453 from last close.

Local currency value fell against the U.S dollar on Monday, Indian rupee quotes at Rs 64.50, up Rs 1.178 or 1.86% from last close.

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