Gold slightly lower as oil falls <span class='TextClass'>[Geo TV] 09 Feb, 2010</span>

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Gold slightly lower as oil falls [Geo TV] 09 Feb, 2010

SINGAPORE: Gold futures are trading slightly lower on weakness in oil futures, however it was supported by the weakness in dollar against the Euro.

U.S. gold futures for April delivery were $2 at $1,064.20 per ounce. It should face a stiff resistance near $ 1065 and may find supports near 1060 levels.

Asian stock markets were mostly lower Tuesday, following the heavy losses in US yesterday. Japan''s Nikkei 225 was down 0.5%, Australia''s SP/ASX 200 was down 0.9% while South Korea''s Kospi Composite added 0.2% to 1,561.82 and New Zealand''s NZX-50 slipped 0.6%.

Crude oil futures slipped below $ 72 a barrel, trading down 21 cents in the Asia morning trades.

Foreign exchange majors traded in tight ranges. Sentiment was still weighed by concerns about European sovereign debt. With EU leaders due to meet in Brussels on Thursday to discuss the economic outlook, many investors were watching to see if they would address recent Greek problems. The euro was at $1.3655 from $1.3659 in late New York trade Monday, and at Y121.94 from 121.97.

MCX April bullion was down nearly Rs 20 at Rs 16257 per 10 grams. The traders may sell it around current levels with target of Rs 16215 and stop loss of Rs 16282.

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