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Thursday, May 31, 2012

Gold prices prediction june 1 2012

Gold prices prediction june 1 2012 : Gold slipped on Friday, on course for the second straight week of losses, as concerns about the euro zone debt crisis continued to pressure the euro and gold, while investors await the all-important U.S. employment report later in the day.

The trading dynamics of the Gold were depended on published US economy macroeconomics data. The number of Americans who first applied for unemployment benefits grew to 383K versus the forecasted values of 370K and the number of jobs in non-agricultural sectors of the U.S. economy grew in May only to 133K positions vs. predicted 150K. The cost of the June Gold futures was kept in the range of $ 1552.8 - $ 1573.6 per troy ounce today on the COMEX.

FUNDAMENTALS
* Spot gold lost half a percent to $1,554.84 an ounce by 0052 GMT, after finishing May with a 6.3 percent decline, the steepest monthly fall since December and close to bear-market territory.

* The most-active U.S. gold futures contract for August delivery edged down 0.4 percent to $1,556.50.

* The latest string of U.S. data showed a weakening job market, slower manufacturing activity and soft economic growth, just before the key May non-farm payrolls data due on Friday. More disappointing data could rekindle speculation on more stimulus from the central bank.

* The head of the International Monetary Fund said on Thursday the global lender had not received a request for financial support from Spain, after a media report that the IMF was considering contingency plans for a Spanish bailout.

* Greece's pro-bailout conservatives are leading their anti-bailout rivals ahead of an election that may decide whether the country remains in the euro, an opinion poll showed on Friday, confirming a trend in four other surveys released a day
earlier.

* Nervous investors chased benchmark U.S. government bond yields to record lows on Thursday as Europe's worsening debt crisis spurred a global race for safe-haven assets, while Spanish bond yields remained near their euro-ear highs.

MARKET NEWS
* U.S. stocks fell modestly on Thursday to close out the worst month since September as investor sentiment sank on Europe's deepening credit problems.

* The euro held near its lowest level against the dollar in nearly two years on heightened worries about Spain's banking sector.

DATA/EVENTS
0100 China NBS Manufacturing PMI May
0230 China HSBC Mfg PMI Final May
0500 India HSBC Markit Mfg PMI May
0743 Italy Markit/ADACI Mfg PMI May
0753 Germany Markit/BME Mfg PMI May
0758 EZ Markit Mfg PMI May
0900 EZ Unemployment April
1200 Brazil GDP yy Jan

Russia HSBC Mfg PMI May
1230 U.S. Non-farm payrolls May
1230 U.S. Personal income/spending April
1258 U.S. Final Markit manufacturing PMI May

U.S. Auto sales May

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