Gold update

Gold futures rose to a one-week high with prices rising above the key psychological level of $1,600 an ounce on Tuesday, as market participants looked ahead to a congressional testimony from Federal Reserve Chairman Ben Bernanke later in the trading day for further clues on the future of U.S. economic stimulus. Gold rediscovered some of its safe-haven appeal amid concerns over the outcome of the parliamentary election in Italy, which could threaten financial stability in the euro zone. Gold for delivery in April quotes currently at $1592.90 an ounce, up $6.40 or 0.40% over last day when investors turned from riskier assets and toward safe havens such as gold and the Japanese yen. Factors that have recently undermined gold of late include speculation of smaller asset purchases from the U.S. Federal Reserve, less demand for safe havens and a strong performance for income-paying assets such as equities. Other dollar denominated commodities like silver, crude oil and copper were trading down. Euro was quoting higher at $1.31, up 0.18% from last close.

Indian gold futures eased from the early session sharp gains as Indian rupee gave up its early fall in the value.The MCX Gold April contract eased from the high of Rs 29,833 and are currently quoting at Rs 29,701, up Rs 88 or 0.29% from last close. The counter is having strong support at Rs 29,650, Rs 29,550 and resistance at Rs 29,780, Rs 29,860 level.The March silver was trading lower at Rs 53757, down Rs 215 or 0.40% from last close. Indian rupee quotes at Rs 54.10, up 0.42%, after hitting the high of Rs 54.26 per USD.

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