20 Mar 2015
Gold hovers around USD 1170
FXStreet (Mumbai) - Gold prices on Comex remains flat in the late Asian session, although was headed for its biggest weekly jump since January as traders remained on the sidelines consolidating previous gains.
Gold moves away from fresh 2-week highs
Currently, gold trades flat at 1169.70, having previously posted day’s highs at 1172.90. Gold prices remain in a narrow range amid quiet Asian markets and broadly weaker US dollar as traders await fresh incentives from the European session.
Meanwhile, gold continues to remain supported, as the US treasury yields remain weak boosting attractiveness of the yellow metal as a higher yielding asset.
Adding to investors’’ confidence in the yellow metal, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, saw its first inflows since Feb. 20, also boosting sentiment.
In the physical markets, Chinese buying was steady, with premiums on the Shanghai Gold Exchange staying at a robust $6-$7 an ounce on Friday. Sustained physical buying could further support prices.
Gold Technical Levels
The metal has an immediate resistance at 1177 and 1190 levels. Meanwhile, support stands at 1162 levels below which doors could open for 1158.60 levels.
Gold moves away from fresh 2-week highs
Currently, gold trades flat at 1169.70, having previously posted day’s highs at 1172.90. Gold prices remain in a narrow range amid quiet Asian markets and broadly weaker US dollar as traders await fresh incentives from the European session.
Meanwhile, gold continues to remain supported, as the US treasury yields remain weak boosting attractiveness of the yellow metal as a higher yielding asset.
Adding to investors’’ confidence in the yellow metal, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, saw its first inflows since Feb. 20, also boosting sentiment.
In the physical markets, Chinese buying was steady, with premiums on the Shanghai Gold Exchange staying at a robust $6-$7 an ounce on Friday. Sustained physical buying could further support prices.
Gold Technical Levels
The metal has an immediate resistance at 1177 and 1190 levels. Meanwhile, support stands at 1162 levels below which doors could open for 1158.60 levels.