Gold Rises to 3-Month High Amid Weak Oil, Stocks Boost Haven Demand

Gold Rises to 3-Month High Amid Weak Oil

Prices of gold futures traded near a maximum of 3 months in the North American trade on Tuesday, as retreating oil prices and losses in global stock markets sustain the demand for assets received as being safer .

Global bourses plunge in oil prices retreated into the $ 30 level, adding to fears over the outlook for global growth.

Gold for April delivery on the New York rose to an intraday peak of $1,131.50 a troy ounce, the most since Nov 3, before trading at $1,128.80 up 80 cents, or 0.08%.

Gold in Singapore also, which normally determines price trend on the domestic front, gained 0.2 per cent to $1,130.50 an ounce, the highest since Nov 3 last year.

A day earlier, the gold is recovered $ 11.60, or 1.04%, as weak details of manufacture from the United States added to speculation that the Fed may delay any interest rate rise expected.

Market players are anticipating a rate hike this year, compared with four based on the direction of Fed policy makers. A gradual path to higher rates is seen as less of a threat for gold prices to a rapid series of increases.

The precious metal prices ended January with a gain of 5.4%, its biggest monthly gain in a year, as investors seeking refuge from the turmoil in global stock markets. Gold is often viewed as an alternate currency in times of global economic uncertainty and a refuge from financial risk.

Besides, in the Delhi, gold of 99.9 and 99.5 per cent purity rose further by Rs 115 each to Rs 27,300 and Rs 27,150 per 10 grams respectively.

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Posted in Commodity, MCX, Stocks Market

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