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MTECHTIPS:-Gold gains as Spain bailout deal weighs on U.S. dollar
Gold futures were higher during European morning trade on Monday, as news that euro zone finance officials agreed to bailout Spain in order to help its ailing banking sector boosted the euro and weighed heavily on the U.S. dollar.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,599.15 a troy ounce during early European trade, gaining 0.5%. It earlier rose by as much as 0.75% to trade at a two-day high of USD1,609.25 a troy ounce. Prices touched USD1,642.15 on June 6, the highest since May 7.Gold futures were likely to find support at USD1,546.35 a troy ounce, the low from June 1 and resistance at USD1,642.15, the high from June 6.Spain became the fourth euro-zone country to require international financial assistance on Saturday, as Finance Minister Luis de Guindos said the EU will grant Spain a loan of up to EUR100 billion that the government will use to recapitalize the country’s ailing banking sector.Finance ministers from the euro zone welcomed the move, saying the sum "must cover estimated capital requirements with an additional safety margin."
Gold futures were higher during European morning trade on Monday, as news that euro zone finance officials agreed to bailout Spain in order to help its ailing banking sector boosted the euro and weighed heavily on the U.S. dollar.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,599.15 a troy ounce during early European trade, gaining 0.5%. It earlier rose by as much as 0.75% to trade at a two-day high of USD1,609.25 a troy ounce. Prices touched USD1,642.15 on June 6, the highest since May 7.Gold futures were likely to find support at USD1,546.35 a troy ounce, the low from June 1 and resistance at USD1,642.15, the high from June 6.Spain became the fourth euro-zone country to require international financial assistance on Saturday, as Finance Minister Luis de Guindos said the EU will grant Spain a loan of up to EUR100 billion that the government will use to recapitalize the country’s ailing banking sector.Finance ministers from the euro zone welcomed the move, saying the sum "must cover estimated capital requirements with an additional safety margin."
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