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Sunday, May 27, 2012

Gold futures prices rose in Asian trading may 28 2012

Gold futures prices rose in Asian trading may 28 2012 ; Gold prices rose in Asian trading on Monday buoyed by polls showing that a conservative Greek political party that favors sticking with bailout measures is rising in the polls.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded up 0.30% at USD1,575.85 a troy ounce. Gold hit at a low of USD1,573.35 a troy ounce and a high of USD1,578.65 a troy ounce during the session.

Gold futures were likely to test support at USD1,550.95 a troy ounce, the low from May 25, and resistance at USD1,594.35, the high from May 22.

Fears that Greece may leave the eurozone have sent gold prices plunging in recent weeks, although the metal rebounded on Friday after bottom fishers began snapping up nicely priced positions.

Greek fears have sent investors ditching the euro in exchange for the dollar, a traditional hedge to gold, and a rising dollar often translates into falling gold prices.

Recent opinion polls, meanwhile, have shown the conservative New Democracy political party is gaining ground ahead of June 17 parliamentary elections.

A strong showing by New Democracy could lead to a coalition government in favor of sticking with austerity in exchange for bailout funds, which could stabilize the euro.

Elsewhere on the Comex, silver for July delivery was up 0.27% and trading at USD28.462 a troy ounce, while copper for July delivery was up 0.51% and trading at USD3.466 a pound.

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