Gold Updates

Gold futures weakened again in the Asia electronic trades today as the counter faced resistance near $1750 levels. The counter faced some weakness today even as the Asia markets surged on back of rise in the US equities overnight.
Gold for December delivery is trading at $1726.3 down 9 cents an ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it ended up $10.7 (0.6%) to settle at $1,727.2 an ounce.
Friday trading had Japan’s Nikkei Stock Average and Australia’s S&P/ASX 200 index each advancing 0.8%, while South Korea’s Kospi rose 0.3%, shaking off early losses. Chinese markets were also higher, with Hong Kong’s Hang Seng Index and the Shanghai Composite Index each up 0.6%, although the Shanghai benchmark remained near four-year lows.
Asia’s advance followed modest gains for U.S. equity markets on Thursday, with upside there limited by uncertainty that U.S. politicians will succeed in hammering out a deal to prevent more than $600 billion in tax hikes and spending cuts from taking place automatically in January.
In the data front yesterday, US pending home sales for October increased by 5.2%, which was better than the 1.0% increase that had been expected. Today's reading follows last month's uptick of 0.3%.
The second estimate of third quarter GDP pointed to growth of 2.7%, up from the 2.0% observed in the preliminary reading. It was the strongest growth rate in three years. The upwardly revised increase is slightly lower than the 2.8% increase that was expected. Also, the third quarter GDP Deflator was revised down, to 2.7%.
MCX February gold futures may open today’s session near Rs 31900 levels with resistance near Rs 31950 levels and support near Rs 31850-800 levels. Yesterday, it closed lower by Rs 324 (1%) at Rs 31,942 per ten grams.

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