Gold News

Gold in the spot market struck a high of 1657 and a low of 1631 yesterday as gold headed for its biggest weekly gain in a month as equities regained strength after fresh efforts by Europe to resolve its debt crisis eased nagging worries about a global recession, while purchases from jewelers offered additional support. But trading was slow ahead of the release of U.S. non-farm payrolls data for September, which could show 60,000 new jobs created and the unemployment rate unchanged at 9.1 percent, offering hopes the world’s largest economy was only growing slowly, and not falling into recession. The payroll number will be a driver of trade today, but will jostle metals prices only if it’s significantly far from expectations. Global stocks rose after the European Union moved to shore up ailing banks as U.S. President Barack Obama urged European leaders to act faster to tackle the sovereign debt crisis that threatened global economic recovery. Bullion jumped to record last month as the euro tumbled on worries the debt crisis would spread. But as equities plunged, investors sold the precious metal to cover losses, sending prices to a two-month low around 1,532 an ounce last week. Jewelers across Asia remained active, buying gold whenever there was a slight dip in prices. Buying from consumers such as India, China, Indonesia and Vietnam kept premiums steady at their highest since at least February in Singapore and Hong Kong.
DAILY TECHNICAL RESISTANCES AND SUPPORTS
CURRENT PRICE: 1657
RESISTANCES: 1692 1705 1744
Supports: 1622 1590 1571