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FXStreet (Mumbai) - Gold prices on Comex extends weakness and trades muted near fresh session lows in the mid-Asia as a minor recovery in US treasury yields after yesterday US data-led fall, keeps a check on gold prices.
Gold back below USD 1200
Currently, gold trades flat near fresh session lows near 1198 levels, having previously posted day’s high at 1201.10. The weakness in gold prices persists despite the latest downbeat US macro data except for the Philadelphia factory gauge which beat estimates.
Gold prices remains lower mainly on rebounding yields on both longer and shorter duration US treasuries, which dulls gold’s appeal as a higher yielding asset. While falling Asian equities fail to lift gold prices.
Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades muted at 97.82 levels. Gold prices are expected to remain mostly in a narrow range ahead of a set US economic releases due later in the day.
Gold Technical Levels
The metal has an immediate resistance at 1200.87 (10-DMA) and 1205 levels. Meanwhile, support stands at 1194 levels below which doors could open for 1190 levels.
