Gold remains above $1,300 on ECB stimulus hopes, mixed U.S. housing data

Gold remains above $1,300 on ECB stimulus hopes, mixed U.S. housing data

Global financial markets have been nervous and close eyed on the meeting of ECB monetary policy on Thursday, when the bank widely expected to publicize a program of quantitative easing (QE) is likely to increase demand for bullion. Image Source: http://on.mktw.net/1xXAJDY

Gold remained above the $1,300 an ounce on Wednesday, amid concerns over the global economy and hopes of stimulus measures from the European Central Bank (ECB) fuelled safe-haven bids.

A report noted that the number of building permits issues in the United States unexpectedly fell in December, while new houses started auctioned estimates, painting a mixed picture of the housing sector in the United States.

Global financial markets have been nervous and close eyed on the meeting of ECB monetary policy on Thursday, when the bank widely expected to publicize a program of quantitative easing (QE) is likely to increase demand for bullion.

On the Comex, gold futures for February delivery touched a session high of $1,304.90 a troy ounce. Spot gold also touched a session high of $1,303.20, its loftiest level since Aug. 18.

Gold futures prices rose on MCX trade today ahead of a firming trend overseas. At the Multi Commodity Exchange (MCX), gold for delivery in far-month April gained Rs 90, or 0.28 per cent, to trade at Rs 28,277 per 10 grams.

In a report, the US Commerce Department said that the number of building permits issued last month declined by 1.9% to 1.032 million units a total of 1.052 million November.

Analysts were expecting the building permits up 1.3% to 1.055 million units in December.

Holdings of SPDR Gold Trust, rose 1.55 percent to 742.24 tonnes on Tuesday.

However some in the market cautioned that gold could see profit taking on these levels, as has been sharply risen, gaining nearly 10 percent this month, after two consecutive annual falls.

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