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Gold stays near 4-year lows as equities rise

FXStreet (Mumbai) - Gold is trading at four-year lows as the equity markets across the globe strengthened on the Bank of Japan’s stimulus surprise. The metal had declined below USD 1200 mark yesterday after a better-than-expected US GDP number hit the wires yesterday.

Gold is hovering near USD 1172/Oz levels, down 2.19% for the day. The metal has been pushed lower today due to the sharp rally in the Asian and the European equity indices. The US Equity futures too, have gained, with S&P 500 futures up 1.11% at the time of writing.

Meanwhile, the US ten-year yields are trading near the 2.3% level. The losses in the yellow metal may be extended if the treasury yields start rising during the US sessions. Moreover, the metal us unable to rise even due to the debasing effect of the BOJ’s stimulus expansion.

Gold Technical levels

Gold has an immediate support at 1167.30, under which the prices may fall to 1158 levels. On the other hand, prices face a stiff resistance at 1283 levels.

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