Gold Holds Near $1340 On Weak US Dollar

A recovery in Asian equities weighed on Gold though lax movement in the US dollar capped the losses for the metal. US markets ended in green though the DOW slipped in late trades on continued selling pressure and closed under 24K levels. Good buying emerged in tech counters though. COMEX Gold witnessed flat moves following this and currently trade at $ 1339 per ounce, down marginally on the day. MCX Gold futures are currently trading at Rs 30775 per 10 grams, almost unchanged on the day after testing lows under Rs 30700 levels.

US dollar has been trading weak recently. The Dollar index slipped from a three week high on Friday after weak US dollar jobs. After reporting a substantial increase in US employment in the previous month, the Labor Department released a report on Friday showing job growth slowed by much more than anticipated in the month of March. The Labor Department said non-farm payroll employment rose by 103,000 jobs in March after spiking by an upwardly revised 326,000 jobs in February. The Fed said consumer credit rose by $ 10.6 billion in February after jumping by an upwardly revised $ 15.6 billion in January. The Dollar index is currently quoting flat around 89.50 levels.