Gold dips but hold 3-week high as investors seek safety

Gold dips but hold 3-week high as investors seek safety

Gold futures dipped but held near a 3-week high on Wednesday, as investors sought safety in the metal amid a tumble in global equities.  And the minutes of the Federal Reserve’s December meeting, due out later in the day.

Asian stocks were hit on Tuesday in oil prices and political uncertainty over Greece is slipping. On Monday, both the Dow Jones Industrial Average futures and the S & P 500 suffered its greatest one-day drop by three months.

There is growing speculation that Greece could leave the euro zone if a leftist party that want to overturn the austerity measures and some of the Greek debt wins the election on January 25 as expected.

On the Comex New York, gold futures for February delivery shed $4.50, or 0.37%, to trade at $1,214.90 a troy ounce.

Spot gold eased 0.4 per cent to $1,213.60 an ounce, after jumping over 1 per cent overnight to $1,222.40 – its highest since 15, Dec 2014.

Other safe-haven assets like the Japanese yen and government bonds also received a pulse of flight to safety.

Weaker than expected US financial data on Tuesday also added to gold’s appeal as an alternative investment. Growth of the US services industry slowed in December and new orders for manufactured goods fell for the fourth straight month in November.

The Federal Reserve was to issue the minutes of its last policy meeting later Wednesday, which is expected to provide more indications on the future direction of monetary policy.

The US was also released ADP report on job creation in the private sector at the end of the day, for more information on the strength of the recovery in the labor market.

In the domestic market, amid profit-booking by speculators and a weak trend overseas, At the Multi Commodity Exchange, gold futures prices for delivery in February declined by Rs 72, or 0.26 per cent, to Rs 27,322 per 10 gram.

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