Gold sustain trading above 1,420.00 an ounce
Lack of data from global economies lured investors to safety, targeting gold to benefit from relatively low prices, accordingly, keeping the metal above the pivot support at 1,420.00 an ounce.
Bullion for immediate delivery traded higher at $1,433.70 an ounce compared with the opening levels of $1,428.60 an ounce, while setting a high of $1,434.45 an ounce and a low of $1,427.65 an ounce. Futures gained 0.38% to trade at $1,434.400 an ounce.
The US dollar index, which tracks the performance of the currency against six-majors, traded at 75.77, compared with the opening levels of 75.85 while setting a high of 75.90 and a low of 75.69. Gold usually moves inversely with the dollar as commodities are a dollar weighted index.
Investors await the release of ECB and BoE rate decision where rates from one bank will be hiked to control inflation, accordingly helping push the euro higher, and the dollar lower, influencing the metal prices which may depreciate on the rising dollar before rising further on inflation threats, note that gold is the perfect hedge against inflation.
Last week, S&P downgraded Greece's debt rating to Junk, while Portugal's is expected to acquire a bailout plan by EU and IMF after the Prime Minister resigned, fueling debt concerns in the region, while the US economy continues on improving where the nonfarm payrolls showed Friday that the US economy added 216.0 thousand jobs during last month, which helped pull the dollar lower against majors.
Technically speaking, the metal's trend remains to the upside as far as the support at $1,390.00 an ounce remains intact and the dollar continues to weaken, while the 100-day MA support level is set at 1,374.00 an ounce.
Gold's trading remains above the support at 1,425.00 an ounce, where if breached it will pave the way for the pair to test the support at %1,410.00 an ounce, but the general trend remain to the upside with initial targets set at 1,435.00 an ounce and probably return to trade near the achieved record around $1,445.00 an ounce.
The S&P GSCI index closed trading at 731.44; gaining by 5.82 percent, while the RJ/CRB commodity index closed at 360.89, after gaining 1.46 percent.
Major Metal Fixing
As for metal Fixes (Apr 1); Gold fixed at AM Fix was set at $1,434.50 an ounce while the PM fixing (Apr 1) was set at $1,418.00 an ounce; meanwhile silver fixing was set at $37.63000 an ounce and Platinum AM Fixing (Apr 1) was set at $1,779.00 an ounce, and at 1,773.00 an ounce during the PM fixing (Apr 1); finally ending with Palladium AM fixing set at $768.00 at (Apr 1) AM fixing, while the PM fixing (Apr 1) was set at $772.00 an ounce.
Silver for immediate delivery traded at $38.38 an ounce compared with the opening levels of $37.80 an ounce, while setting a high of $38.42 an ounce and a low of $37.75 an ounce. Silver future contracts traded higher by 1.72% or 0.648 to trade at 38.380 an ounce
Platinum for immediate delivery traded higher by $7.0, at $1,765.000 an ounce, while Palladium gained by $11.0 to trade at $773.00 an ounce.