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Gold slightly higher on safe-haven buying

CommoditiesMar 19, 2013 12:28AM GMT Add a Comment
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Investing.com - Gold futures are trading modestly higher in the early part of Tuesday’s Asian session as traders continue embracing the yellow metal’s status as a safe-haven investment.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery are up 0.01% at USD1,604.80 per troy ounce in Asian trading Tuesday after settling up 0.81% at USD1,605.50 a troy ounce in U.S. trading on Monday.

Gold futures were likely to test support USD1,590.80 a troy ounce, the earlier low, and resistance at USD1,619.40, the high from Feb. 26.

Traders scampered into gold Monday amid one slack U.S. data point and news that Cyprus, the tiny euro zone nation of just 1 million people, is flirting with bankruptcy and possible departure from the common currency program.

In U.S. economic news, the National Association of Homebuilders said its March Housing Market Index fell to 44 from 46 in February in what is the lowest reading since October. Analysts expected a March reading of 48.

The one-time tax taking aim at Cypriot bank deposit holders as part of a EUR10 billion bailout deal sent the euro falling amid fears unease may grow since smaller depositors will be affected, which sparked a rally in gold markets.

The bank deposit levy was approved last week by the 16 other euro zone members and the International Monetary Fund, but on Sunday Cyprus delayed a vote on the measure. The plan has rankled non-euro zone members, including Russia. Cyprus is home to large Russian bank deposits.

Elsewhere, Comex silver for May delivery added 0.19% to USD28.928 per ounce while copper for May delivery advanced 0.41% to USD3.427 per ounce.

Gold slightly higher on safe-haven buying

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