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4 Feb 2015
Gold posts fresh session highs
FXStreet (Mumbai) - Gold prices on Comex traded recovered and edged higher in the Asian session, having fallen more than 1% in the previous session after Greece's debt-restructuring proposal eased market concerns.
Trades above USD 1260
Currently, gold trades higher by 0.35% at fresh daily highs of 1264.80 levels, having bounced-off from day’s lows of 1257.10 levels. Gold prices edged higher despite higher equities and fading Greek worries lifting risk appetite across the board. Rising oil prices since last four sessions seems to boost gold’s appeal as a hedge against oil-led inflation, pushing its prices higher.
Moreover, disappointing latest US economic releases from the US continue to weigh on investor sentiment, with investors turning to flight for safety in the safe-haven demand gold. Further, in evidence to the signs of investor confidence in the yellow metal, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings slipped to 24.59 million ounces on Tuesday from 24.65 million ounces the day before, which was the highest level since October.
Gold Technical Levels
The metal has an immediate resistance at 1272 and 1285 levels. Meanwhile, support stands at 1256 levels below which doors could open for 1250 levels.
Trades above USD 1260
Currently, gold trades higher by 0.35% at fresh daily highs of 1264.80 levels, having bounced-off from day’s lows of 1257.10 levels. Gold prices edged higher despite higher equities and fading Greek worries lifting risk appetite across the board. Rising oil prices since last four sessions seems to boost gold’s appeal as a hedge against oil-led inflation, pushing its prices higher.
Moreover, disappointing latest US economic releases from the US continue to weigh on investor sentiment, with investors turning to flight for safety in the safe-haven demand gold. Further, in evidence to the signs of investor confidence in the yellow metal, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings slipped to 24.59 million ounces on Tuesday from 24.65 million ounces the day before, which was the highest level since October.
Gold Technical Levels
The metal has an immediate resistance at 1272 and 1285 levels. Meanwhile, support stands at 1256 levels below which doors could open for 1250 levels.