Gold prints fresh highs at $ 1176

FXStreet (Mumbai) - Gold prices on Comex extends upbeat momentum for the second straight session, erasing entire post-NFP losses, as weaker US dollar across the board and falling Asian equities provided fresh impetus to the gold bulls amid a yet another data-dry session ahead.

Gold rises from 1171.90

Currently, gold trades 0.20% higher at fresh session highs of 1176, having posted day’s low at 1171.90. Gold continues its upward moves largely on the back of a subdued greenback against its major competitors, correcting NFP backed gains.

The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades -0.14% lower at 95.09, retreating from 95.35 session highs.

Moreover, reflecting diminished investors’ confidence in the yellow metal, holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, fell to 708.70 tonnes on Friday, the lowest since January 14, down from over 773 tonnes in early February.

Gold Technical Levels

The metal has an immediate resistance at 1177 and 1180 levels. Meanwhile, support stands at 1168 below which doors could open for 1162 levels.