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Hurricane sandy continued to keep gold on the sidelines as US market trading was halted yesterday resulting in thin trading volumes in the markets.
Sandy, the massive storm system believed to be among the biggest in U.S. history, slammed onto the U.S. East Coast on Monday evening, threatening almost 50 million people with flooding and power outages.
New York, the nation’s most densely populated city, transformed into a virtual ghost town in readying for Sandy’s destructive winds and what’s expected to be record storm surges
Asian stocks advanced Tuesday, Japan’s Nikkei Stock Average climbed 0.4%, South Korea’s Kospi advanced 0.7% and Australia’s S&P/ASX 200 index rose 0.2%. China’s Shanghai Composite index edged up 0.4%, while Hong Kong’s Hang Seng Index gained 0.1%. U.S. stock markets remained shut on Monday as super storm Sandy barreled toward the East Coast.
US December gold futures are trading $0.9 at $ 1709.6 per ounce on COMEX Division of New York Mercantile Exchange.
MCX December gold futures may open today’s session near Rs 31100 levels with resistance near Rs 31150 levels and support around Rs 31050 levels.
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