Gold prices steady near two-month high on softer dollar, poised for second quarterly gain

Gold prices steady near two-month high on softer dollar, poised for second quarterly gain

Gold remained close up of a two-month high on Monday on a weaker dollar and seemed about to post its second consecutive quarterly profit as geopolitical tensions prompted attractive safe haven metal.

Rupee opened higher at 60.05 per dollar from its Friday’s close of 60.09, on Monday tracking gains from Asian currencies markets.

The investors were watching the employment data in the U.S. and the European Central Bank (ECB) held this week at the prospect of the stimulus before making any big bets.

Spot gold was steady at $ 1,315.40 an ounce at 0636 GMT, not far from a up to two months of $ 1,325.90 reached last week.

U.S. Exchange, gold for delivery in August was quoted at $ 1,316.30 a troy ounce, down 0.28%.

At MCX India, Gold for August delivery fell by Rs 52, or 0.19 percent, at 27,620 rupees per 10 grams.

Optimistic consumer trust data from the United States reported on Friday did not achieve allay concerns about the prospects for economic recovery in general.

The metal gained 2.4 percent at the second quarter, after rising nearly 7 percent in the previous quarter, helped by violence in Ukraine and Iraq.

“The technical outlook for gold looks fine with support in $ 1,300 and resistance at around $ 1,335,” said one Hong Kong trader of precious metals. “There’s some mouth here, but the major changes will later be in the week with details nonfarm payroll and the ECB.”

Employment data from the U.S. and the ECB meeting is have been programmed for Thursday, with both in the approach as investors look for clues over the strength of the global economy.

Gold was also being supported by the escalating violence in the Middle East. The Iraqi military sent tanks and armored personnel carriers to try to dislodge the insurgents from the northern city of Tikrit on Sunday, the second day of a kick against a Sunni militant acquisition of large areas of Iraq.

Fighting also erupted between Ukrainian pro-Russian forces and separatist conflict around the eastern city of Slaviansk Sunday in spite of a prolonged respite until Monday night, the term also established by the EU leaders are being considered new penalties against Russia .

A mark of improving confidence, of hedge funds and money managers are heavily stepped up their bullish bets in Gold futures edge and options at its highest level since March, according to data from the Commodity Futures Trading Commission exhibited.

Other valuable metals, silver, platinum and palladium were headed by their second consecutive quarterly profit.

 

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