Gold rallies to highest near 4-month on worries over global economy

Gold rallies to highest near 4-month on worries over global economy

The global uncertainties have seen investors piling on to gold. Holdings in SPDR Gold Trust, climbed 13.7 tonnes to 730.89 tonnes on Friday, its biggest one-day inflow in nearly 3-1/2 years. Image Source: http://cnb.cx/1ztqWMr

Gold rallies nearly 4 months highest on Tuesday as investors were awaiting policy meeting of the European Central Bank on Thursday that could see the submission of a stimulus package of bond buying.

Bullion, propped up by safe-haven bids in market volatility supplied by uncertainty over the economy and global growth concerns in Europe.

On the Comex New York, gold futures for February delivery hit a session high of $1,294.30 a troy ounce. A day earlier, gold futures dropped $1.30, or 0.1%, to trade at $1,275.60 a troy ounce.

Spot gold remained stable at $ 1277.16 an ounce, after weakening 0.2 percent on Monday.

The metal had jumped to a maximum of $ 1281.50 September Friday following an extensive market landslide driven by sudden movement of Switzerland gave a cap on the franc.

The euro was pressurized amid growing expectations that the ECB will board a program of quantitative easing up on Thursday in a bid to avert the threat of deflation in the euro zone.

The Sunday’s elections in Greece, where the anti-bailout Syriza party still in lead in the polls, has also added to market jitters.

The global uncertainties have seen investors piling on to gold. Holdings in SPDR Gold Trust, climbed 13.7 tonnes to 730.89 tonnes on Friday, its biggest one-day inflow in nearly 3-1/2 years.

At the Indian domestic markte gold futures traded higher taking positive cues from global markets. At the Multi Commodity Exchange, gold for delivery in February was up by Rs 98, or 0.36%, to Rs 27,798 per 10 grams.

Asian equities were higher after the Chinese data, while the dollar ticked up on weakness in the euro, keeping bullion’s gains in check.

Rising for the fourth straight session, India’s equity markets closed at record highs. FIIs have accelerated their purchases in the Indian debt market on account of easing inflation and the expectation of further rate cuts by the Reserve Bank of India (RBI).

For latest commodity market tips, MCX tips, news & updates  with 100McxTips, for latest updates follow us on Twitter @100mcxtips and Like on Facebook.  And to contact the reporter on this story email at support@100mcxtips.com or Call: +91-761-4012307

MCX Tips Provider

Advertisements

100Mcxtips an experienced commodity advisory to predict investors buying and trading trends at various market environments. For more information on commodity bullions Gold, Silver and all Indian Commodities. Kindly visit us fill an query form at 100mcxtips.com.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
+91-761-4012307
M-Sat : 10am - 7pm
NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: