Futures Pros – Gold futures trimmed losses on Monday, easing off a six-day low after the U.S. dollar turned lower against the euro, enhancing the appeal of the precious metal as an alternative asset. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,417.65 a troy ounce during European afternoon trade, slumping 0.95%. It earlier fell to USD1,411.65 a troy ounce, the lowest price since March 18. The euro recovered against the U.S. dollar after European Central Bank President Jean-Claude Trichet said inflation rates remained “durably” above its price stability target, adding to speculation the central bank would raise interest rates as early as April. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.05% to hit 76.36, after peaking at 76.69 earlier in the day. 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. Meanwhile, prices were expected to remain supported by ongoing violence in the MENA region, lingering fears over Japan’s nuclear crisis as well as renewed concerns over the euro zone’s sovereign debt crisis. Commerzbank said in a report earlier, “The demand for gold is currently very robust amid the various crises.” Elsewhere, silver for May delivery dipped 1.29% to trade at USD36.87 a troy ounce, while copper for May delivery tumbled 1.62% to trade at USD4.354 a pound during U.S. morning trade.

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