Daily Gold Update

Source: Bloomberg

Singapore— Gold, little changed in Asia, may gain after the dollar�s rally this week failed to push prices below their 100-day moving average. The precious metal �has found support� near $927 an ounce, which marks a 50 percent retracement of its rally from $865 in mid-April to $990 this month, said Russell Browne, strategist at ScotiaMocatta, citing Fibonacci analysis. Gold traded as low as $925.80 on June 15, against its 100-day moving average of $926.41 today. �The 100-day moving average near $925 has held firm despite a bearish move in gold from $990 to $927,� said Browne. Gold for immediate delivery traded at $938.25 an ounce at 1:38 p.m. in Singapore, after adding as much as 0.5 percent to $943.63 an ounce today.

Bullion climbed to a three-month high of $990 an ounce on June 3 as the weakening dollar and slowing equity-market gains prompted investors to seek alternatives. It has slipped 4 percent this month as the dollar index, a six-currency gauge of the greenback�s value, added 1.2 percent in the same period. The dollar traded near a two-week low against the yen and was little changed against the euro before a U.S. report that may show the Philadelphia region�s manufacturing shrank for a ninth month, adding to signs the Federal Reserve will keep interest rates low. See full story.