Gold trims gains as stocks rise

Gold continued to surrender gains, now trading around $1247 levels as stock markets in Europe erased early gains to trade higher.

Offered at $1254.32

Prices turned lower from a three-week high of $1254.32 levels as European equity markets erased early losses to trade on a positive note. Stoxx 50 now trades 0.40% higher on the day. Meanwhile, Yen is trimming gains as well, which is helping risk assets rise and weigh over gold.

Recovery in the USD index is weighing over the metal as well. Ahead in the day, prices could be influenced by speeches from US Treasury secretary Jack Lew and Fed’s William Dudley.

Gold Technical Levels

The immediate hurdle is noted at $1260 (Mar 22 high), above which prices could target $1271 (Mar 17 high). Next major hurdle is noted at $1283.01 (Mar 11 high). On the other hand, a break below $1243.98 (daily low) would expose $1226.38. Next major support stands at $1200 levels.