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Gold futures surged slightly in the Asia electronic session today with the Bernanke speech ruling the sentiments in the commodities and equities market.
Japanese stocks fell sharply Friday in a generally weak session for major Asian markets ahead of Federal Reserve Chairman Ben Bernanke's speech later in the day. The Tokyo market came under pressure after data showed an unexpectedly negative reading on industrial production for July, with the numbers coming on the heels of Thursday's downbeat retail-sales statistics.
Japan's Nikkei Stock Average dropped 1.1%, as South Korea's Kospi slipped 0.2%, and Australia's S&P/ASX 200 index also traded down 0.2%. Hong Kong's Hang Seng Index lost 0.3% and the Shanghai Composite Index declined 0.1%, continuing to hover around multi-year lows.
While the Shanghai and Hong Kong indexes are showing month-to-date losses, of 2.5% and 1.6%, respectively, the Nikkei Average has gained 2.2% so far this month, while the Kospi is up 1.1% and the S&P/ASX 200 has gained 0.9%.
Gold for December delivery surged $ 0.9 at $ 1655 per ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it surged $5.9, or 0.4%, to end at $1,657.1 an ounce.
MCX October gold futures may open today's session near Rs 30860 levels with resistance near Rs 30900 and Rs 30940 levels. Yesterday, it closed lower by Rs 10 (0.03%) at Rs 30,837 per ten grams. Prices rose to a high of Rs 30,870 per 10 grams and fell to a low of Rs 30,756 per 10 grams during the day's trading.
http://www.commoditytipsadvisory.com/
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