Monday, March 19, 2012

Gold prices prediction march 20 2012

Gold prices prediction march 20 2012 : Gold prices dipped in Asian trading Tuesday, erasing earlier gains stemming from reports that central banks have been stocking up on the metal and also on comments from a key Federal Reserve official, who said additional easing measures can't be ruled out for the U.S. economy.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded down 0.27% at USD1,662.85 a troy ounce. Gold futures were likely to test support at USD1,639.75 a troy ounce, Friday's low, and resistance at USD1,682.75, Wednesday's high.

Gold firmed earlier on reports the precious metal is in demand among central banks around the world.

Meanwhile, comments from Federal Reserve Bank of New York President William Dudley that the U.S. central bank cannot rule out further monetary easing sent the price rising earlier as well until profit-taking kicked in.

Specifically, the Federal Reserve cannot rule out launching a third round of quantitative easing, which are asset purchases from banks that pump liquidity into the financial system, weakening the greenback in the process.

The Fed has launched two rounds so far since the downturn, injecting trillions of dollars into the economy to spark more robust economic activity.

While the Fed has no concrete plans to prime the economy via easing, it hasn't closed the door on the idea as well.

Talk of such easing sends gold higher and the dollar falling.

Elsewhere on the Comex, silver for May delivery was down 0.14% and trading at USD32.910 a troy ounce, while copper for May delivery was down 0.21% and trading at USD3.900 a pound.

For the latest updates on the stock market, visit Stock Market Today

gold price today march 20 2012, spot gold prices march 20 2012, gold futures march 20 2012, silver prices march 20 2012, Comex gold march 20 2012, fed comments mach 20 2012, will fed comments 20-3-2012, gold prices test support march 20 2012, will gold prices down march 20 2012, why gold prices down march 20 2012
For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post:

No comments:

Post a Comment