gold prices outlook march 1 2012

gold prices outlook march 1 2012 : Gold prices rose in early Asian trading Thursday as bargain hunters snapped up the yellow metal after it fell on Federal Reserve Chairman Ben Bernanke's comments that the U.S. central bank has no plans to consider fresh stimulus measures to pump up the economy.

Spot gold regained 0.6 percent on Thursday to $1,704.80 an ounce after falling 5 percent to less than $1,690 an ounce on Wednesday, for its biggest one-day drop in more than three years, as funds exited the bullion trade on speculation that central banks might be done with easy monetary policies

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,714.75 a troy ounce, up 0.20%.

Gold futures were likely to test support at USD1,689.95 a troy ounce Wednesday's low, and resistance at USD1,792.15, Wednesday's high.

Gold prices rose on news that demand was heavy at the European Central Bank's long-term refinancing operation.

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