Gold to trade lower towards 57330, stockpiles may put pressure on crude prices
Gold to trade lower towards 57330, stockpiles may put pressure on crude prices GOLD Gold prices gained little on Thursday, as prices managed to hold onto the marginal gains. The bullion was still above the $1900-mark and looks like it will settle the week above the same. With investors rushing to gold as a safe haven due to the global banking crisis, it was anticipated that it would rise for a third week in a row. First Republic Bank received a deposit injection of $30 billion from large US banks on Thursday, stepping in to save the lender that had become embroiled in a growing crisis brought on by the failure of two other mid-sized US lenders in the previous week. On Thursday, the European Central Bank maintained its commitment to fighting inflation by raising interest rates by 50 basis points as planned. Outlook: We expect gold to trade lower towards 57330 levels, a break of which could prompt the price to move lower to 56840 levels. CRUDE After slipping to over 1-year lows, cru...