Gold rises in Asia, stays below $ 1190

FXStreet (Mumbai) – Gold prices on Comex recovered most losses and edged higher in the late-Asian trades, largely on the back of a retreat in the US dollar across the board while rising Asian equities caped the gains in the yellow.

Gold trades in a $ 2 range

Currently, gold trades 0.16% at 1188.40, having posted day’s high at 1189.70 and day’s lows at 1187.20. Gold remains elevated in a slim range awaiting fresh incentives from a set of US macro releases due later in the session.

Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades flat at 97.29, retreating from fresh session highs reached at 97.46. A weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies.

However, the gains in the gold prices remains restricted amid increased Fed rate-hike chatter which dulls gold’s attractiveness as a higher yielding asset.

Gold Technical Levels

The metal has an immediate resistance at 1192 and 1195 levels. Meanwhile, support stands at 1182 below which doors could open for 1178 levels.

Gold prices on Comex recovered most losses and edged higher in the late-Asian trades, largely on the back of a retreat in the US dollar across the board while rising Asian equities caped the gains in the yellow.

(Market News Provided by FXstreet)