Gold Prices Hovers Below 8-Month High as Global Stocks Tumble

Gold Prices Hovers Below 8-Month High as Global Stocks Tumble

Gold futures remains close to the maximum than eight months earlier sessions in the North American trade on Tuesday, as sharp declines in global stock markets continued to support the demand for safe haven assets.

Gold for April delivery on the Comex division of the New York dipped $3.80, or 0.32%, to trade at $1,194.10 a troy ounce.

Tuesday marked the eighth consecutive day of gold gains as investors seek shelter in the face of instability in other financial markets, although liquidity was slow in Asia with China closed for a holiday of Lunar New Year week-long .

Japanese shares fell more than 5%, while the markets in Europe and the US they extended declines as concerns surrounding global growth and weak oil prices continued to grip markets.

Prices of precious metals have been well supported in recent sessions amid global economic and financial indicators might winds make it difficult for the Federal Reserve to raise interest rates as much as he would like this year.

Now attention to Fed Chairman, Janet Yellen, who is scheduled to deliver his semi-annual testimony to Congress on Wednesday, moving amid the current uncertainty about the ability of the US central bank to raise interest rates.

Gold prices in India also come at deep discounts before the last budget when the government surprised the market without reducing taxes metal. India is the second largest consumer of gold in the world.

Sellers of gold in India, which usually charge a premium over London prices, are offering a registration discount of up to $ 25 per ounce.

Sluggish demand from India at a time when Chinese buyers are absent during the Lunar New Year holiday could limit the recovery of world prices, which reached US $ 1,200 per ounce for the first time since June on Monday after heavy losses in global reserves.

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Posted in Commodity, MCX, Stocks Market

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