Gold prices have started rising again, holds near 4-week low ahead of Yellen testimony

Gold prices have started rising again, holds near 4-week low ahead of Yellen testimony

After yesterday’s decline, gold prices have started rising again. On MCX is nearly 0.5 per cent and Comex price of gold has increased 0.2%.

Gold futures edge held near four-week low the prior session on Tuesday, as investors awaited the semiannual testimony of Federal Reserve Chair Janet Yellen on Capitol Hill at the end of the day.

Gold on Tuesday, scrambling to get beyond the losses caused by the sharp night profit-taking and the stronger global stock that battered attractive safe haven metal.

Spot gold had begun to enhance mildly to $ 1308.90 an ounce at 0637 GMT, after falling by over 2 percent on Monday – its biggest one-day drop since December. Gold hit a low of $ 1,302.90 at the last session, its lowest since June 19.

On the other hand, U.S. gold for delivery in August entered in a 0.2%, or $ 2.60, to trade at $ 1309.30 a troy ounce during early European morning hours. Prices stay within a narrow range between $ 1306.70 and $ 1310.90.

At MCX Gold August contract was trading at Rs 27910 up Rs 148, or 0.53 percent. Gold  touched an intraday high of Rs 27929 and an intraday low of Rs 27810.

Gold had gone up to a four-month high near $ 1,345 last week as financial problems on top of the Bank of Portugal rekindled fears of a renewed banking crisis in the euro zone, but those fears have vanished now .

Market participants remained cautious ahead of Fed President Yellen testifies before Congress later in the session amid speculation as to whether the central bank will begin raising interest rates.

The minutes meeting of Fed June policy released last week, the central bank envisages close October to its stimulus package of bond buying, but hint at a timetable of when interest rates may start up later.

Meanwhile, SPDR Gold Trust – the world’s largest gold-backed exchange-traded fund – said its holdings rose 8.68 tonnes to 808.73 tonnes on Monday.

 

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Posted in Commodity, MCX

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