Gold slips below $1,300 on economic optimism; platinum increase gains as strikes drag on

 

Gold slips below on economic optimism

Gold slips on Monday after two consecutive sessions of losses, but stayed below the key resistance level of $ 1,300 an ounce, hampered by strong economic data from the United States and the interests of investors ebb.

Platinum group metals increased their profits after the release of its strongest weekly performance within six weeks on concerns of supply many labor strikes in South Africa.

On the Comex, gold for delivery in June was quoted at $ 1,292.50 a troy ounce, down 0.07%, after settling at $ 1287.60 last week. While platinum gained around 0.4 percent. Palladium gained 0.2 cent.

Friday’s data showed that housing starts in the U.S. increased in April, and the construction permits hit their highest level in nearly six years, to give hope the real estate market may be leveling off, even though another report showed consumer trust dropped in May.

With generally bright U.S. economic data and impending stimulus eurozone dollar underpin the outlook, we lean more to a bearish breakout in the prices of gold. And the crisis in Ukraine is continuing to core support and any semblance of climbing can push gold prices above $ 1,300 again, said Phillips Futures analyst.

Gold frequently viewed as a safe haven investment, has gained 7.5 percent so far this year following tension between Russia and the West over Ukraine despite the fact that recently dropped due to departures of funds gold and strong data.

SPDR Gold Trust supported by the world’s largest gold exchange-traded fund, said its holdings declined 0.26 tonnes to 781.99 tonnes on Friday, in a sign of softening demand by investors.

The hedge funds and fund managers have reduced their bullish bets in gold futures and options in accordance with data from the Commodity Futures Trading Commission on Friday.

Continued to work stoppages in South African mines producing platinum and palladium.

Impala Platinum called “the devastating” its impact on the employees of a 16-week strike on its core operation in Rustenburg South Africa and said it had lost up to $ 500 million in revenue.

The company said that it expects the strike action, caused by the fall in pay negotiations to continue.

Indian Commodity Market

Strong rupee in the international market, the domestic market in gold and silver can still see pressure. The rupee has reached the upper level of the last 11 months. 1 dollar price has come down to Rs 58.5.

Consecutive majority government, the strengthening of the rupee and its impact on domestic commodity market is showing.

With marginal gains of 0.1 per cent on MCX gold is trading above Rs 28,100. With 0.5 per cent growth, while silver is trading above Rs 41,000.

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