Gold firmer in Asia, circa USD

FXStreet (Mumbai) - Gold prices on Comex reversed previous losses and edged higher in Asia despite broadly stronger greenback and rallying global equities, as lower treasury yields offer some support to the yellow metal.

Gold remains below USD 1200

Currently, gold trades higher at 1195.70 levels, having previously posted day’s high at 1196.30 and day’s lows at 1193. Gold prices kept gains in the mid-Asian session as traders continue to evaluate the latest Chinese easing measures while concerns surrounding Greece also keeps gold prices underpinned.

Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades near fresh session highs at 98.29 levels, recording a 0.13% gain on the day.

However, the upside in prices remains capped amid a lack of robust physical demand with no significant uptick in physical demand from top consuming region Asia.

Gold Technical Levels

The metal has an immediate resistance at 1200 and 1205 levels. Meanwhile, support stands at 1190 levels below which doors could open for 1183.50 levels.