Gold Slides Lower on Weak Global Cues, U.S. Dollar Recovers

Gold Slides Lower on Weak Global Cues

The prices of gold slide lower on Friday amid a weakening world tendency and profit-booking by speculators. The prices that are separated from a two-month high as the dollar regained some ground after the People’s Bank of China set a rate higher guidance yuan for the first time in nine days.

On the Comex gold futures for February delivery were down 0.71% at $1,099.90.

Meanwhile, gold prices fell 0.50% to $1,103.53 an ounce in Singapore. Prices are up 4% this week.

The dollar found support after the People’s Bank of China fortified midpoint rate of the yuan for the first time within nine days on Friday, setting it at 6.5636 per dollar, compared with 6.5646 the previous review.

However, China is expected to continues to permit the yuan to weaken in the long term, in an attempt to help its exporters and remain competitive in the face regional rivals.

Furthermore, China said late on Thursday suspended its new market breaker provided only on Monday because the system failed to reduce market volatility.

In another part of, investors are now eyeing the publication of key jobs data from the US, due later in the day for more indications over force of the labor market in the country.

On Thursday, the Labor Department of the United States said the number of individuals who filed for unemployment insurance in the week ending January 01 fell by 10,000 to 277,000 of the total 287,000 the previous week, which was the highest since mid-July.

Analysts had expected unemployment claims dropped by 12,000 to 275,000 last week.

Gold for delivery in February contract eased Rs 127, or 0.49% to Rs 25,973 per 10 gram at the Multi Commodity Exchange.

For Commodity Market Tips, MCX Live Tips, Gold-Silver Prices 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

Commodity Tips Provider

Advertisements

100McxTips is an experienced Mcx Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at 100mcxtips free trial tips here.

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: