Gold Edges Higher With Dollar, Global Stocks Slide

Gold Edges Higher With Dollar, Global Stocks Slide

Gold edged struggled but higher on Monday, as market players continued to monitor movements in the U.S. dollar and global stock markets, and Crude oil prices slid to 12-year lows.

Gold for February delivery on the Comex inched up 30 cents, or 0.03%, to trade at $1,091.00 a troy ounce, while Spot gold was up 0.1 per cent at $1,089.90 an ounce.

The dollar index, which measures the force of greenback against a weighted basket of six major currencies, edged up 0.1% to 99.08.

Meanwhile, global stock markets were lower oil prices dropped below $ 28 level to hit a 13-year low fresh, adding to fears over the prospects for world growth.

The prices have increased nearly 3 percent so far this year after weak economic data in China and low cool move on yuan in the beginning of January prompted a sell-off in Chinese stocks, which spread to global markets.

Crude oil prices dropped to their lowest level since late 2003 as the market braces for additional Iranian exports after the lifting sanctions against the country over the weekend.

European equities fell 0.1 percent on Monday and Asian stocks fell to their lowest level since 2011 overnight as investors avoided risky assets after weak US economic data.

In the US Retail sales were down in December, along with industrial production.

Gold has come under pressure in the domestic market. The gold in the domestic market fell 0.15 per cent is trading close to Rs 26,070.

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