Gold is visible pressure today at Asian trade. In domestic and international market pressures. Gold prices remained unchanged near two-week highs and lower expectations of rising short-term rates in the United States continued to provide support the precious metal.
On the Comex, gold futures for April delivery were steady at $1,168.70.While, Spot gold was steady at $1,171.20 an ounce.
The Fed, however, sounded a wary rating for the health of U.S. economic recovery after its policy meeting two days this week, and cut its average estimate for the federal funds rate and expressed concern about dollar strength.
Meanwhile, market players followed after focus on developments on the front of the Greek debt. EU leaders told beforehand Friday that Greece is committed set a new reform agenda in the coming days to secure additional bailout funds necessary to stave off bankruptcy of the country.
Before the talks, President of the European Parliament, Martin Schulz, has noticed that the financial situation in Greece was “dangerous” with debt payments ahead.
Gold’s rise on Thursday despite a higher dollar and weaker oil prices could signal underlying strength.
SPDR Gold Trust, backed exchange-traded on the world’s largest gold fund, saw their first innings since February 20, also boosting sentiment.
In physical markets, purchases of China remained stable, with premiums in the Shanghai Gold Exchange stay at a strong $ 6- $ 7 an ounce on Friday.
At MCX gold, with 0.2 per cent decline is trading around Rs 25,900.
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