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MTECHTIPS:- Gold gains as talk of monetary stimulus builds
Gold prices rose in Asian trading Wednesday ahead of upcoming European Central Bank and Federal Reserve monetary policy meetings that could see policymakers approving stimulus measures to jolt the global economy.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded up 0.52% at USD1,625.35 a troy ounce. Gold hit at a low of USD1,616.75 a troy ounce and a high of USD1,625.85 a troy ounce during the session.Gold futures were likely to test support at USD1,613.85 a troy ounce, the low of June 5, and resistance at USD1,629.55, the high from June 4.
The European Central Bank is due to address monetary policy this week while the Federal Reserve will meeting later this month to do likewise.A spate of dismal U.S. jobs reports and other disappointing indicators in the U.S. is fueling talk that the U.S. central bank will consider stimulating the world's largest economy via quantitative easing measures, which are asset purchases from banks that inject liquidity into the economy.
Gold prices rose in Asian trading Wednesday ahead of upcoming European Central Bank and Federal Reserve monetary policy meetings that could see policymakers approving stimulus measures to jolt the global economy.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded up 0.52% at USD1,625.35 a troy ounce. Gold hit at a low of USD1,616.75 a troy ounce and a high of USD1,625.85 a troy ounce during the session.Gold futures were likely to test support at USD1,613.85 a troy ounce, the low of June 5, and resistance at USD1,629.55, the high from June 4.
The European Central Bank is due to address monetary policy this week while the Federal Reserve will meeting later this month to do likewise.A spate of dismal U.S. jobs reports and other disappointing indicators in the U.S. is fueling talk that the U.S. central bank will consider stimulating the world's largest economy via quantitative easing measures, which are asset purchases from banks that inject liquidity into the economy.
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