Gold Updates

Advisory Data:-

Gold futures are trading slightly higher in Asia electronic trades today as the rate cuts by South Korea and Brazil raised appeal for the yellow metal. However the gains were limited due to losses in equities and gains in US dollar as the downgrade to Spain’s credit rating highlighting Europe’s ongoing debt troubles to investors already concerned about corporate earnings trends in a weaker global economy.
South Korea's central bank on Thursday cut its policy interest rate by 0.25 percentage points to 2.75%, as widely expected, in response to softness in the local economy amid a weakened global outlook. The reduction is the second such move by the Bank of Korea after a similar move in July.
Brazil's central bank late Wednesday cut the country's benchmark interest rate by a quarter-percentage point to 7.25%, a record low, and indicated it was at the end of its rate-easing cycle. Brazil began slashing its key rate from 12.5% in August 2011 as monetary policy makers began to see deterioration in global growth outlooks.
Asia stocks traded mostly lower Thursday, Japan’s Nikkei Stock Average slipped 0.3%, extending the previous session’s 2% drop, while Australia’s S&P/ASX 200 index lost 0.2%. In China, the Shanghai Composite Index lost 0.6%, but Hong Kong’s Hang Seng Index shook off early losses to trade up 0.4%.
COMEX December gold futures are trading up $1765.4 up 3 cents an ounce in early electronic trades today. Yesterday, it closed higher by 10 cents at $1,765.1 an ounce on the Comex division of the New York Mercantile Exchange. It fell to a low of $1,758 and rose to a high of $1,780 during intraday trading.
The IMF said in a report Wednesday that if European governments fail to solve the euro-area crisis, the region's banks could be forced to sell as much as $4.5 trillion of assets. The figure is up from the $3.8 trillion estimate the IMF made in April.
Earlier, the Federal Reserve released its September Beige Book. In its report, the twelve Federal Reserve Districts reported that economic activity "expanded modestly since the last report." Residential real estate conditions as well as the nonfinancial services sector also showed modest improvement.
MCX December gold futures may open today’s session near Rs 31420 levels with resistance near Rs 31500 levels.

Posted in: best gold tips,free trial in gold,gold news,Gold Updates,sureshot gold tips