Gold prices up for second day amid a weaker dollar

Gold prices up for second day amid a weaker dollar

Bullion has seen a setback recently as the equities markets have suffered from confusion about the debt talks between Greece and its European creditors and its future in the euro zone. Image Source: http://on.mktw.net/1zQSk64

Gold prices rose second consecutive day amid a weak dollar and uncertainty regarding the debt-ridden Greece, as the drop in retail sales in the US have cast doubt on the growth rate of the world’s largest economy, driving demand of a shelter.

Spot gold had ridden 0.4 percent to $ 1.227 an ounce. The metal ended 0.3 percent higher on Thursday following the first drop of $ 1215.30, the lowest level since 9 Jan. Gold has not posted a daily profit of stand back to back since Jan. 16.

Bullion has seen a setback recently as the equities markets have suffered from confusion about the debt talks between Greece and its European creditors and its future in the euro zone.

Greece on Thursday agreed to speak with its creditors on the way out of its international bailout in a political climb-down could prevent his new leftist Broad government running out of money as soon as next month.

US gold futures April delivery increased by 0.5 percent to $ 1.227 an ounce on the Comex in New York. Silver spot gained 0.7 percent to $ 16.9694 an ounce.

Gold added 3.7 percent this year as the Greek debt crisis and more stimulus in Europe and Asia offset the impact of a stronger US dollar and prospects of rising US rates.

A weaker dollar after gloomy US economic data on retail sales and unemployment claims also endorsed gold, making the price of basic commodities on the cheap dollar for holders of other currencies.

However, that was not sufficient to compensate losses for the week bullion are willing to enter at about 0.5 percent.

The prospects for the dollar remained optimistic despite recent losses as many investors continued to price in a hike in interest rates by the Federal Reserve sometime this year.

Investors may have fallen in love with gold, but romantic reinforced by an improved economy being pushed sales of US jewelry for Valentine’s Day to the highest in at least five years.

Read here: Gold is Back for Valentine’s Day Romance

The Indian Rupee currency on Friday strengthened versus the dollar, tracking gains in Asian currencies and local equity market. After midday trade, rupee trimmed early gains, but was still higher.

At the Multi Commodity Exchange, Gold futures for April rose by Rs 119 to Rs 26,638 per 10 grams on Friday, as speculators created fresh positions on cues from overseas markets.

For commodity market tips, MCX live tips, and trading market latest news & updates  with 100McxTips, 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 Commodity Tips

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: