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Gold futures remained shaky as the US dollar extended gains against the single currency and as the U.S. equity futures retreated after Euro group finance ministers failed to agree on conditions to release a tranche of financial aid to Greece.
The euro which was trading above the $1.28 handle before the announcement, suffered a sharp fall to change hands at $1.2751. U.S. equity futures also retreated, with Dow Jones Industrial Average futures down 55 points, or 0.4%, at 12,704.
Sentiment was dampened after Eurogroup finance ministers, who had been locked in a meeting in Brussels to decide on conditions to release the next tranche of financial aid for Greece, failed to reach an agreement.
“The Eurogroup interrupted its meeting to allow for further technical work on some elements of this package,” Eurogroup President Jean-Claude Juncker said in a statement. The Eurogroup now plans to reconvene on Monday
COMEX December delivery gold futures are trading up $ 1.2 at $ 1724.8 per ounce in early London trades today.
On the data front today, Japan's trade deficit narrowed in October, though by less than forecast, as exports fell on another sharp drop in shipments to China. The trade deficit hit 549 billion yen ($6.72 billion) as exports fell 6.5% from a year earlier, and imports decreased by 1.6%, the Finance Ministry said Wednesday.
MCX December gold futures are trading up nearly Rs 30 at Rs 31771 per 10 grams. The counter may face a resistance near Rs 31840 levels today.