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MTECHTIPS:-Gold rises on eurozone approval of Spanish bailout
Gold prices rose in Asian trading Monday on news that eurozone finance ministers have agreed to provide Spain with EUR100 billion in bailout assistance, which sent the euro rising and the dollar falling.The U.S. dollar and gold often trade inversely from one another.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded up 0.81% at USD1,604.35 a troy ounce. Gold hit at a low of USD1,600.55 a troy ounce and a high of USD1,609.25 a troy ounce during the session.Gold futures were likely to test support at USD1,580.75 a troy ounce, the low of June 7, and resistance at USD1,609.25, the earlier high.Gold rose on news that Spain will be able to recapitalize its banks thanks to the EUR100 billion in financing made available by eurozone finance ministers.
Gold prices rose in Asian trading Monday on news that eurozone finance ministers have agreed to provide Spain with EUR100 billion in bailout assistance, which sent the euro rising and the dollar falling.The U.S. dollar and gold often trade inversely from one another.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded up 0.81% at USD1,604.35 a troy ounce. Gold hit at a low of USD1,600.55 a troy ounce and a high of USD1,609.25 a troy ounce during the session.Gold futures were likely to test support at USD1,580.75 a troy ounce, the low of June 7, and resistance at USD1,609.25, the earlier high.Gold rose on news that Spain will be able to recapitalize its banks thanks to the EUR100 billion in financing made available by eurozone finance ministers.
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