Gold futures perked up again after yesterday's heavy losses as the stronger US dollar and losses in the Asian equities supporting the metal.
COMEX December gold futures are trading up $27 at $ 1845 per ounce in early Asia action today. Yesterday the counter fell $55.7 or 3%, to end at $1,817.6 an ounce on the Comex division of the New York Mercantile Exchange.
In the currencies today, the dollar edged higher against the euro on Thursday ahead of a meeting of the European Central Bank, which is expected to signal an end to its brief rate-hike cycle.
In addition, in an address to a joint session of Congress on Thursday night, Obama plans to propose bolstering employment by injecting more than $300 billion into the economy next year, mainly through tax cuts, infrastructure spending and aid to state and local governments.
In the latest releases today, Japan's current-account surplus for July narrowed to 990.2 billion yen ($12.8 billion) from ¥1.719 trillion a year earlier, the Ministry of Finance reported Thursday, as exports shrank slightly but imports grew. Separately, the Cabinet Office reported that core machinery orders -- a leading indicator of capital spending in Japan -- fell 8.2% during July, swinging from a 7.7% gain in June.
The Bank of Korea kept its benchmark policy interest rate on hold at 3.25% Thursday. The Australian unemployment rate rose to 5.3% from 5.1% in July on a seasonally-adjusted basis, the Australian Bureau of Statistics reported Thursday.
MCX benchmark gold futures are up more than Rs. 400 at Rs. 27615 per 10 grams. It may face a resistance near Rs. 27700 levels for the day with support around Rs. 27300 levels.
