Gold edged higher on Friday, as a broadly weaker U.S. dollar and ongoing
uncertainty over developments in Greece boosted the appeal of the
precious metal.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery tacked on $6.40, or 0.52%, to settle at $1,227.10 a troy ounce by close of trade on Friday.
Futures were likely to find support at $1,216.50, the low from February 11, and resistance at $1,245.90, the high from February 10.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, dipped 0.06% to 94.24 late Friday to end the week down 0.5%.
Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
The drop in the dollar came after data on Friday showed that U.S. consumer sentiment unexpectedly deteriorated in February.
Read more Click here / www.trade4x.net
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery tacked on $6.40, or 0.52%, to settle at $1,227.10 a troy ounce by close of trade on Friday.
Futures were likely to find support at $1,216.50, the low from February 11, and resistance at $1,245.90, the high from February 10.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, dipped 0.06% to 94.24 late Friday to end the week down 0.5%.
Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
The drop in the dollar came after data on Friday showed that U.S. consumer sentiment unexpectedly deteriorated in February.
Read more Click here / www.trade4x.net
No comments:
Post a Comment