Gold Trims Losses In Europe

Losses in the gold futures were trimmed in the early European session today, however the gains in greenback kept the metal under pressure.
Japanese stocks on Monday jumped to their highest level in more than five years, boosted by an improved profit outlook and further yen weakness after the Group of Seven major economies refrained from criticizing Tokyo’s easing policies.
Stocks in Hong Kong and Shanghai held on to losses after data released by China showed industrial production rose 9.3% in April from the year-ago month and retail sales during the month improved 12.8%, with growth in both data points accelerating from the rate seen in March.
The gains in Tokyo came after leaders at a G-7 meeting offered no criticism of Japan’s monetary policies that have helped weaken the yen sharply in recent months. On Monday, the U.S. dollar was trading close to the ¥102 level, further boosting shares of Japanese exporters.
Gold for June delivery trimmed the losses from $9 to $3 at $ 1434 per ounce on the Comex division of the New York Mercantile Exchange. The metal is likely to find support near $1400 and $1370 levels. On the week, gold futures lost 1%, the first weekly decline in three weeks.
On Friday, gold futures for June delivery tumbled 1.5% to settle the week at $1,446.65 a troy ounce. Earlier on Friday, Comex gold fell by as much as 3.4% to hit a session low of $1,418.65 a troy ounce, the weakest level since April 24.
In the week ahead, gold traders will be focusing on a flurry of U.S. economic reports, including data on retail sales, building permits, jobless claims as well as a closely watched report on consumer sentiment.
MCX June delivery gold futures are now trading down more than Rs 100 at Rs 26783 per 10 grams. It may find support near Rs 26750 levels and a resistance is expected near Rs 26900-970 levels.

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