Gold futures rose during the European morning trade on Tuesday, boosted by hopes that the European leaders will take new measures to reduce the debt crisis in the euro area.
Sentiment remained upbeat on Gold after a report showed that China’s gold imports from Hong Kong rose by 62% in April from the previous month.
n the COMEX division of the New York Mercantile Exchange, the futures trading of gold for August delivery at 617.15, $ 1 per ounce during the European trade, up by 0.2%.Contracts in August, was trading in a narrow range between 624.85, $ 1 dollar per ounce, the highest price for the day and a low price for the session at 616.25, 1. Dollars per ounce and total price, $ 1 631.25 an ounce on Friday, the highest level since 8 May.
The gold futures likely to find support at 532.55, $ 1 for Aonshadny price since 30 May and the near-term resistance at 639.05, 1, dollars per ounce the highest price since May 8.Found support market sentiment amid hopes the decision makers in the world and to increase efforts to boost the global economy.Earlier in the day, Australia’s central bank cut interest rates by 0.25% to 3.50% in a bid to stimulate domestic growth in the face of growing international unrest.
It was the second consecutive reduction of the Reserve Bank of Australia after the Australian central bank cut interest rates in May, 0.5% greater than expected.May give lower interest rates boost gold, because it reduces the relative cost to maintain this metal, which does not allow investors to pay compensation similar ..In the meantime, the finance ministers of the Group of Seven major industrial to an emergency conference later today to discuss the debt crisis in the euro area in its third year
The preceding discussions of the Group of Seven summit of leaders from the Group of 20 in Los Cabos, Mexico, on 18 and June 19.As traders closely watching many of the monetary policy meetings this week, including the European Central Bank on Wednesday and the Bank of England on Thursday, looking for evidence of their responses to the weakening of global growth.
There is some speculation by analysts in the market that the ECB could announce to pump liquidity into the financial system in Europe’s troubled. As other analysts expect the central bank may buy government bonds attached new.In addition, it will be Federal Reserve Chairman Ben Bernanke to give his report on Thursday before a congressional committee about the status of the U.S. economy. And gold traders will be watching any evidence of the possibility of holding a new round of monetary easing, which is likely to hurt the dollar and gold support.
Gold could benefit from such an environment of easy money because of expectations that the abundance of liquidity that would eliminate the value of paper currencies.Gold found further support after shipped Census and Statistics Department in Hong Kong about 101,768 kilograms of gold to the Chinese mainland in April, up 62% higher exports registered for the second month in a row.
In the first four months of 2012, imports amounted to 239,174 kilograms of gold Chinese, compared to 27,114 kg in the same period last year, rose 1% in the year 782 and this rate is unprecedented on-year.India will be a selection of needles gold consumer in the world.He said the global financial service provider HSBC Holdings in a report earlier that “China’s ability to maintain the gold imports is impressive, given that the economy is showing signs of growth is declining.”The report added that “monetary policy more adaptable, which could affect in a positive for gold.Elsewhere in COMEX silver rose, for July delivery rose 0.5% to trade at 28.15 Dolarellonsh, while copper for July delivery rose 0.3% to trade at 3.316 dollars per pound.Undo editsDictionary