MCX Gold Up Marginally as Dollar Gains

Gold futures are trading marginally higher in Asia electronic trades today on strength in US dollar after last weeks hammering on pale payrolls data. This week, gold futures are likely to face a resistance near $1760-70 levels with support around $1690 levels.

The dollar recovered a bit of lost ground in Asian trading Monday, after falling to its lowest level for three months against the euro late last week. The ICE dollar index reached 80.251, up from 80.182 in late North American trading on Friday.

The euro jumped against the dollar at the end of last week after a poor report on U.S. jobs triggered more speculation that the Federal Reserve would undertake further bond purchases to boost the economy.


On the Comex division of the New York Mercantile Exchange, gold futures for October delivery settled at $1,735.45 a troy ounce by close of trade on Friday, the highest level since February 29. On the week, gold futures added 2.52%, the third consecutive weekly gain.Via

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