Gold trades below 12-week, commodities prices plunge as global sell-off

Gold trades below 12-week, commodities prices plunge as global sell-off

Metal remained below a 12-week high as a recent wave of selling on commodities. Oil prices and copper at lower of 5 1/2 years.. Image Source:

Gold traded below the highest level in 12 weeks on Thursday as Asian stocks recovered from earlier losses, but the metal stayed below a 12-week high as investors gauged the impact of plunging commodities prices on global growth and inflation against the outlook for U.S. interest rates.

Metal remained below a 12-week high as a recent wave of selling on commodities. Oil prices and copper at lower of 5 1/2 years threaten to push inflation even further below the 2 percent target the Fed and spurring speculation that the central bank can hold to raise rates.

Spot gold had steadied at $1,230.65 an ounce in Singapore. The metal on Wednesday jumped to its highest since Oct. 23 at $1,244, before paring gains to close flat.

Gold February futures delivery drop 0.3 percent to $1,230.60 an ounce on the Comex in New York.

The prices of gold have increased 4 percent so far this month, following two consecutive years of falls, but the outlook for the year remains clouded.

UBS lowered its gold price forecast for the year to $1,190 from $1,200, saying it had underestimated the downside risks earlier.

Asian stock markets trimmed prior losses and rose on Thursday after a rebound in oil prices brought a semblance of calm, but global growth concerns continued after weak retail sales data in the United States concerns about the fall of copper compound price.

The rupee soared by 46 paise to trade at a fresh one-month high of 61.72 against the dollar in early trade after the RBI cut interest rates by 25 basis points to 7.75 per cent. Besides the RBI rate cut,  encouraging quarterly earnings by some blue-chip companies, BSE Sensex zooms over 600 points.

Meanwhile, gold prices decline have soared in domestic market. MCX gold price has come down by 1.5 per cent to Rs 27,000. While silver is trading with around 1.5 per cent decline.

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Posted in Commodity, MCX, Stocks Market

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