Futures Market News
Gold futures slip as greenback emboldens
Mar 28, 2012 09:33 AM
The world's reserve currency climbed after economic data indicating new orders for manufactured goods in the U.S. increased less than forecast. Gains that the precious metal achieved Monday and Tuesday when U.S. Federal Reserve chair said additional monetary easing to pull down the nation's jobless rate remains an option.
"Notice how 1700/1690 held sturdy," analyst Andrey Kryuchenkov with VTB Capital told Reuters. "(This is) not a massive pullback, $1,640 will certainly hold for now, but a tad more is possible."
At 9:24 a.m. on Wednesday, gold futures slipped 0.66 percent, an $11.20 drop to $1,676.50 per troy ounce.
MarketWatch reports pitched protests in India have commenced a second week as people in the globe's second-largest consumer of the yellowish metal are demonstrating against increased tariffs on imports of gold and gold jewelry. Jewelers and traders were conducting a day-long hunger strike in opposition to the tax hikes.
Earlier this year, China leapfrogged ahead of the subcontinent as the globe's biggest consumer of the precious metal.
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