Gold Futures Prices Rose for First Time in 4-Days on Bargain Buying on Global Cues

Gold Futures Prices Rose for First Time in 4-Days on Bargain Buying on Global Cues

The prices of gold inch higher for the first time in four sessions on the Wednesday as investors returned to the market to seek on cheap valuations after Futures dropped to a minimum of one week.

Gold for February delivery on the Comex tacked on $1.90, or 0.18%, to trade at $1,087.10 a troy ounce. It earlier fell to $1,079.60, the lowest since January 6.

The Chinese exports in yuan-denominated terms rose 2.3% over the previous year, in December, recovering from a fall of 3.7% in November, whereas imports decreased by 4.0%, compared with a decrease of 5.6% the previous month. That left the Asian country with a surplus of 382 million yuan.

Dollar-terms, exports fell 1.4% in December, better than the forecast of a decline of 8.0%, while imports fell 7.6%, compared with expectations for a fall 11.5%, leaving China with a surplus of $ 60.1 billion last month.

Analysts said that the sustained fall in prices of metals in futures trading was mainly in conjunction with global settlements.

At the Multi Commodity Exchange, gold for delivery in far-month April shed Rs 123, or 0.48%, to Rs 25,669 per ten grams as participants trimmed positions.

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