Gold Trades Marginally Up

Gold futures extended the early gains as dollar slipped. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at $1,578.80 a troy ounce, up $1.70 or 0.11% over the last close. Gold futures eased from the high of $ 1582.30 on profit taking. On Friday, key jobs data from the U.S. exceeded economist expectations, as the country's jobless rate fell to a 2008 low, supporting the dollar. Still, while the U.S. currency gave back a fraction of those gains Monday, many of the losses against the top units were very small. In the week ahead, gold traders will be closely watching U.S. data on retail sales, industrial production and inflation to determine the strength of the economic recovery. Any improvement in the U.S. economy could scale back expectations for further easing by the Fed, boosting the U.S. dollar and weighing on dollar-denominated commodities. Most of other dollar denominated commodities is trading lower while US stocks futures opened a tad lower on Monday. Euro is trading just at $1.3005, up 0.06% from last close.

MCX Gold eased from the early high with April gold currently quotes at Rs 29,364, up Rs 19 or 0.06% from last close and resistance is at Rs 29,450-29520 while support is at Rs 29300-29250 level. Local currency closed the day at Rs 54.39, up 0.20% from last close. MCX March Silver currently quotes at Rs 54,700, down Rs 171 from last close and supports are at Rs 54540-54500 and resistance at Rs 54,850-Rs 55,000 level.

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