U.S. gold futures ended lower yesterday as government report showed that U.S. producer prices unexpectedly fell in March and recorded their largest year-over-year decline.
According to the report U.S. Labor Department, producer prices were down 1.2% in March and down 3.5% from a year ago. It was the largest annual decline since 1950.
On weekly basis in the last week gold fell and closed in the red .Gold fell sharply on Monday as some investors unwound safe-haven positions, others unloaded gold along with other commodities including oil and base metals. Technical selling also adversely affected the precious metals movements. But most of the days in the last week gold witnessed a range bound movements.
International spot gold traded in the range $ 898.05- $ 885.30a Troy Ounce and last quoted at $888.85
Weekly Outlook (DG. June.)
$892 and 872 is the trading range .Breaking of either side may clear the direction. Supports are $ 862, $840. Resistances are $903, $909,$918 and 933.
Last day DGCX Gold June. Traded in the range $899.90-$888and closed at $ 889.40
