The price of Gold has continued its decline and during the Asian session touched below $1,280/ounce value. The price is now suffering due to lower tension in Ukraine as well due to weak physical demand. Gold as a safe-haven asset has been currently selling off, once traders started to believe to more risky asset (stocks). Chinese PMI released early in the morning came out slightly above expectation so we might see some strengthening in physical demand. Today investors should keep an eye on U.S. ISM Manufacturing PMI at 2.00PM (GMT) as a pre-data to Friday’s Non-farm payrolls. The support is now lying at 1,275 and resistance at 1,300.
April 1, 2014 – Commodities News
Hot Asset For Today: Gold
The price of Gold has continued its decline and during the Asian session touched below $1,280/ounce value. The price is now suffering due to lower tension in Ukraine as well due to weak physical demand. Gold as a safe-haven asset has been currently selling off, once traders started to believe to more risky asset (stocks). Chinese PMI released early in the morning came out slightly above expectation so we might see some strengthening in physical demand. Today investors should keep an eye on U.S. ISM Manufacturing PMI at 2.00PM (GMT) as a pre-data to Friday’s Non-farm payrolls. The support is now lying at 1,275 and resistance at 1,300.
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