Wednesday, 11 May 2016
Live Mcx Report By CapitalHeight
Gold held not far off a two-week low early on Wednesday, pressured by a firmer dollar and equities as robust corporate earnings reports lifted global stocks. For More Information Visit www.capitalheight.com/bullion-premium.php
Spot gold XAU= was little changed at $1,266.70 an ounce by 0044 GMT, after touching a low of $1,257.25 on Tuesday, its weakest since April 28.
Asian stocks pulled away from eight-week lows a day after solid corporate earnings sparked a rally in global equities while the yen struggled amid intervention warnings from Tokyo in the wake of the currency's rapid rise.
Gold, which reached a 15-month high of USD 1,303.60 on May 2, will find the USD 1,300 level a tough barrier, as the investment appetite seen so far this year is unlikely to be replicated when physical demand is so poor, ICBC Standard Bank analyst Tom Kendall said.
Appetite for gold appeared to have eased after the metal failed to convincingly breach the USD 1,300 resistance level last week. But it was still up more than 19 percent for the year as expectations for a near-term increase in US interest rates had eased.