Gold prices rise as low-interest rate outlook offers support

Gold prices rise as low-interest rate outlook offers support

Spot Gold futures for immediate delivery rose as much as 0.8 percent to $1,223.34 an ounce, the highest since Feb. 17. Image Source: http://bit.ly/18DLF5d

Gold prices rose for a fourth day in Asia on Monday after data throughout the region since the weekend that the investors noted mostly for a context of low interest rates, but also optimistic trends.

China announced a second interest rate cut within three months and the US reported a slower growth rate of the economy than expected.

The HSBC China final manufacturing index for February rose to 50.7 into the expansion zone and above the flash reading of 50.1.

The People’s Bank of China cut rates on loans and deposit interest rates by a quarter percentage point on Saturday. A day later, a meter factory in February marked the contraction for a second month, underscoring the necessity of a more lax policy.

Also at the weekend, February China Federation of Logistics and Purchasing (CFLP) manufacturing PMI improved for the first time in seven months, despite the Chinese New Year holiday but held to just below the 50 mark, indicating that the sector contracted for a second month. The index rose to 49.9 in February from 49.8 in January.

Spot Gold futures for immediate delivery rose as much as 0.8 percent to $1,223.34 an ounce, the highest since Feb. 17, before trading at $1,221.81 in Singapore.

On the Comex, gold futures for April delivery rose 0.63% to $1,220.70 a troy ounce.

The US expanded at an annual rate of 2.2 percent, compared to an estimated 2.6 percent, the DOC said Friday. Intake of bullion has from India could increase this month after the largest consumer industry expectations confused for a tax cut.

Last week, gold ended higher for the third consecutive day on Friday, as traders drove back expectations for the timing of the first rate hike US to comments by the President of the Federal Reserve Janet Yellen, early in the week.

Investors scaled back expectations of a rate hike mid-year after Fed chief Yellen said in testimony before the US Senate Banking Committee on Tuesday it was “unlikely” that economic conditions would justify a rate increase interest “at least a couple of FOMC meetings.”

Indian Rupee currency weakened on Monday versus the dollar, tracking losses in Asian currency market, plus equity benchmark Sensex gained 0.6% or 176.86 points to 29,538.36 points in pre-opening operations.

At the domestic market, gold has vigorous gained momentum. Nearly 1 percent stronger on MCX gold is trading around Rs 26,715.

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 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

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

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: