MUMBAI (Commodity Online): Gold is quoting around $1530 per ounce in Asia after pulling lower in the overnight floor trades.
Precious metal prices tumbled at Comex with August gold finished lower by 0.6% to $1533.30 per ounce, while July silver fell 3.6% to end at $36.34 per ounce. Both metals sold off in morning trade after dip in US jobless claims helped to dull investment demand for the precious metal.
Both metals were able to rebound partly helped by a further pull back in the dollar, which correlated with a media report that euro zone officials have agreed in principle on a new 3-yr adjustment program for Greece. Euro remained trading higher against the Dollar.
The US Dollar ended at 1.4491 against the EURO as against 1.4331 on 1 June 2011. Meanwhile, the news that Greece will adopt austerity measures in return for financial assistance from the European Central Bank, European Union, and International Monetary Fund aided Euro.
At the MCX, gold prices for June delivery closed lower by Rs 180 at Rs 22,571 per 10 grams. The MCX silver futures for July delivery slumped by Rs 2,205 to end at Rs 54,633 per kg. Gold looks likely in for some further moderation ahead of the non-farm payrolls.
