Gold holds above $2000 mark in Asia

Published on Apr 27, 2023 12:56

Gold futures propelled higher in the Asia trading today with the metal getting support from weak dollar and buying at lower levels. Buying was seen in metal despite gains in the Asia equities today. In Japan, the Nikkei 225 rose 0.15%, Hong Kong`s Hang Seng index is up 0.33%, China`s Shanghai Composite was up 0.66%. However, Singapore`s benchmark Straits Times Index inched down 0.37% on news overnight that the country will increase stamp duties on property purchases, with the largest increases going to property purchases by foreigners. COMEX Gold futures for front month contract are trading up almost $15 at $2010.20 an ounce. The $1980 should prove to be a good support for the metal in near term whereas $2060 should serve as a resistance in near term. The domestic counterpart for latest month contract was seen trading at Rs 60096 up Rs 203 or 0.34% per 10 grams. Silver for May delivery was up a strong Rs 410 or 0.56% at Rs 74229 per kg. The US stocks closed lower for the second consecutive session yesterday. The Dow Jones Industrial Average declined 228.96 points, or 0.68%, to end at 33,301.87 as investors` worries over First Republic overshadowed their excitement around Big Tech earnings.