Gold futures edged higher to $1,200 as oil continues decline, but dollar keeps gains

Gold futures edged higher to $1,200 as oil continues decline, but dollar keeps gains

Spot gold had risen 0.7 per cent to $1,197.30 an ounce, after dropping as much as 0.5 per cent in early Asian hours. Image Source:

Gold futures edge rose on Monday for the second straight session, as investors sought retreat by heavy losses in the oil market, amid lingering fears of a sharp worldwide economic slowdown. And the largest consumer China, which offset US dollar firmly.

The dollar index, a measure having the strength of greenback versus a basket of six currencies, rose to a more than nine years that the euro fell to its lowest levels since 2006.

On the Comex, Gold futures edge for February delivery was tacked on $ 9.40, or 0.79%, to trade at $ 1195.60 a troy ounce over the European morning hours, after hitting a daily maximum of $ 1197.60.

Spot gold had risen 0.7 per cent to $1,197.30 an ounce, after dropping as much as 0.5 per cent in early Asian hours.

At the Multi Commodity Exchange, gold futures delivery in far-month April was up by Rs 76, or 0.28 per cent, to Rs 27,030 per 10 grams by taking positive cues from the global market

Purchasing from China has picked up in recent weeks prior to the Lunar New Year holiday in early 2015, when gold is purchased for good fortune and to be given as a gift.

The demand is likely to continue firm until the holidays in February 19-20.

The operators were also viewing the currency market. The euro fell to a nine-year high against the dollar on Monday, by the prospect of further monetary easing by the (ECB) European Central Bank.

In oil prices continued to fall on Monday to hit its lowest level in more than five years, as investors piled their short positions in anticipation from lower prices amid lingering worries over excess supply in growth.

The price of Brent traded in London fell 91 cents, or 1.6%, to $ 55.52 a barrel, while Nymex oil fell 84 cents, or 1.59%, to close at $ 51.85 a level not seen since May 2009.

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