Gold Prices Holds Near 2-1/2-Week Low; Global Stock Market Rally

Gold Prices Holds Near 2-1/2-Week Low; Global Stock Market Rally

US gold futures fell on Tuesday but the yellow metal was not too far from a 2-1 / 2 week low, as sentiment was prompted amid a recovery in the global stock market, despite data from gloomy trade from China that caused higher volatility in Asian markets.

In addition, gold strove to find direction ahead of the uncertainty about a rate hike in US interest lies.

Gold for December delivery on the Comex Exchange down by $2.40, or 0.21%, to trade at $1,119.00 a troy ounce. Spot gold prices ticked up 0.1 per cent to $1,120.61 an ounce, its lowest since August 19.

The data published previously have shown that China’s trade surplus widened to $ 60.2 billion last month from $ 43.0 billion in July, compared with estimates for a surplus of $ 48.2 billion.

The Chinese exports dropped by 5.5% from a year earlier, compared with forecasts of a decline of 6.0%, whereas imports fell 13.8%, worse than expectations for a fall of 8, 2%.

Despite the weak data, the Shanghai Composite rebounded over 4.5% in the last hour of trading to erase losses and end the session 3%.

The optimistic sentiment moved to European markets, where the German DAX, the French CAC 40 and the FTSE 100 in London were all nearly 2%.

In the United States, Wall Street aimed to strong gains at the open, with Dow futures up 250 points.

The BSE Sensex and NSE Nifty gained 424.06 points and 129.45 points at 25,317.87 and 7,688.25, respectively, on Tuesday.

In other industry news, the value of China’s gold reserves stood at $ 61.8 billion at the end of August, up from $ 59.24 billion at the end of July, the People’s Bank of China said on its web.

The Indian currency closed in 66.55, up 0.42% from its previous close of 66.83. The unit had opened at 66.75 per US dollar and touched at 66.54.

MCX Gold December contract was trading at Rs 26682 down Rs 11, or 0.04 percent amid weak global cues.

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