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Monday, March 5, 2012

Gold futures prices outlook march 6 2012

Gold futures prices outlook march 6 2012 : Gold prices rose in Asian trading Tuesday, as bottom fishers snapped up cheap positions in the metal that fell in wake of China's announcement to set a 2012 growth forecast at 7.5 percent, much lower than hoped.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,708.15 a troy ounce, up 0.25%.

Gold futures were likely to test support at USD1,694.75 a troy ounce, Monday's low, and resistance at USD1,792.15, Wednesday's high.

A less robust China could mean less demand for physical gold and less inflationary pressures, which is bearish for gold due to its popularity as a hedge against inflation.

China's Monday announcement that it only expected to grow 7.5 percent sent gold falling, although the yellow metal fell to levels that made it nicely priced for bargain hunters.

Fears that Greece is not out of the woods dampened the metal earlier as well.

Greece has set a 75% participation floor proceed with its debt restructuring with private creditors.

Private investors are being asked to forgive Greece 53.5% of their principal and swap their remaining holdings for new Greek bonds and notes from the European Financial Stability Facility.

Concerns that not all of those private creditors were on board with restructuring terms dampened the metal as well.

Elsewhere on the Comex, silver for May delivery was up 1.15% and trading at USD34.082 a troy ounce, while copper for May delivery was up 0.03% and trading at USD3.866 a pound

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