Gold Updates

Gold futures climbed back in Asia electronic trades today on value buying following a fall of nearly $40 yesterday touching a low of $1705.50 an ounce ignoring the optimism over the U.S. fiscal-cliff talks that boosted other risk assets.
December gold futures rose $3.6, to $1,720.1 an ounce in electronic trading on the Comex division of the New York Mercantile Exchange. Yesterday, it dropped $25.80, or 1.5%, to settle at $1,716.50 an ounce. It fell by as much as $36.80 to touch a low of $1,705.50 during the session.
Today, the advance came as the ICE dollar index, a gauge of the greenback’s moves against a basket of six other major currencies, was little changed at 80.268, compared with 80.262 in North American trade late Wednesday.
Gold investors shrugged off U.S. President Barack Obama and House Speaker John Boehner’s optimism that lawmakers would reach an agreement to avert the fiscal cliff. Uncertainty related to the cliff — a reference to the possibility that $600 billion worth of tax increases and spending cuts will kick in from January unless politicians reach an agreement.
MCX December gold futures may open today’s session near Rs 32300 levels with resistance near Rs 32350 levels.

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