Gold Hops Near $1450 In Asia

Gold futures jumped near $1450 an ounce buoyed by positive wave in the Asia equities post the South Korea growth data. However, the metal should face a resistance near $1450-55 levels.
Asia stock markets traded mostly higher Thursday, with South Korean shares supported by better-than-expected economic growth data, though mainland Chinese shares saw choppy action ahead of a slew of major earnings reports.
The Kospi climbed 0.5% in Seoul after data showing South Korea’s gross domestic product increased 0.9% during the January-to-March period, three times the growth seen in the preceding quarter and higher than expectations for a 0.7% expansion.
Gold for June delivery is trading up $20 at $ 1444 per ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it climbed $14.90, or 1.1%, to settle at $1,423.70 an ounce. Gold futures rose 1% on Wednesday as bargain hunters waded into the beaten-down market, lifting physical demand for the metal following disappointing U.S. economic data.
Prices recovered from the loss of $12.40, or 0.9%, they saw the previous day to close at their highest level since April 12. The fall on Tuesday was gold’s first in four sessions, with prices for the precious metal hurt after disappointing data on manufacturing in China, rally in equities and a stronger U.S. dollar.
Goldman Sachs on Tuesday closed its recommendation for clients to “short” gold, telling them to exit out of those bets on lower gold prices. The investment bank on April 10 cut its short- and long-term gold forecasts as prices approached bear-market territory.
Today, MCX June Gold may try hitting Rs 26500 per 10 grams facing resistance near Rs 26700 levels.

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