Gold Silver Reports — Gold continued to face selling pressure after hitting its two week high as strong US economic data and soaring equities capped the upside. COMEX Gold is currently trading at $1237 per ounce, down 0.39% on the day.
COMEX Gold futures topped out around $1244 per ounce mark- exactly around its 50 day Exponential Moving Average (EMA) and are drifting lower now. Prices recovered from a four month low around $1200 per ounce earlier this month before witnessing the latest setback. MCX Gold futures are down 0.24% to trade at Rs 28183 per 10 grams after a weak opening.
Meanwhile, US stocks moved up on resurgence in buying yesterday. With the upward move on the day, all three major averages reached new record closing highs. Asian equities are also mostly up, benefiting from a strong momentum despite the fact that major markets have already ran up sharply this year. Asian shares edged up too, bolstered by a surge in global stocks to a record high on strong US corporate earnings, while investors awaited the European central bank meeting for clues on its policy report.