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MTECHTIPS:-Gold little changed near 2-week low as dollar strengthens
Gold futures were little changed near a two-week low during European morning hours on Wednesday, as ongoing fears over the health of the global economy boosted demand for the U.S. dollar.On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,764.85 a troy ounce during European morning trade, easing down 0.01%.Prices were stuck in a narrow trading range of USD1,766.95 a troy ounce, the session high and USD1,762.05 a troy ounce, the daily low and the lowest since September 27.Gold prices were likely to find support at USD1,755.35 a troy ounce, the low from September 27 and resistance at USD1,781.55, the previous session’s high.
Market sentiment remained under pressure after the International Monetary Fund cut its 2012 and 2013 global growth forecasts on Tuesday, and warned of even weaker expansion unless officials in the U.S. and Europe address threats to their economies. The IMF said that the world economy will grow 3.3% this year, the slowest since the 2009 recession,and 3.6% next year, compared with July predictions of 3.5% in 2012 and 3.9% in 2013.Investors also remained cautious amid worries over how soon Spain may formally request a bailout and uncertainty over whether international creditors will extend loans to Greece.
Gold futures were little changed near a two-week low during European morning hours on Wednesday, as ongoing fears over the health of the global economy boosted demand for the U.S. dollar.On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,764.85 a troy ounce during European morning trade, easing down 0.01%.Prices were stuck in a narrow trading range of USD1,766.95 a troy ounce, the session high and USD1,762.05 a troy ounce, the daily low and the lowest since September 27.Gold prices were likely to find support at USD1,755.35 a troy ounce, the low from September 27 and resistance at USD1,781.55, the previous session’s high.
Market sentiment remained under pressure after the International Monetary Fund cut its 2012 and 2013 global growth forecasts on Tuesday, and warned of even weaker expansion unless officials in the U.S. and Europe address threats to their economies. The IMF said that the world economy will grow 3.3% this year, the slowest since the 2009 recession,and 3.6% next year, compared with July predictions of 3.5% in 2012 and 3.9% in 2013.Investors also remained cautious amid worries over how soon Spain may formally request a bailout and uncertainty over whether international creditors will extend loans to Greece.
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