Gold Prices Climbs 1% as Stock Rally Fizzles, Renewed Safe-Haven Buying

Gold Prices Climbs 1% as Stock Rally Fizzles, Renewed Safe-Haven Buying

The prices of gold rose on Tuesday as Asian stocks reversed gains and recovering losses from previous sessions as an improvement in market sentiment remained weak, supporting the appetite for safe-haven assets.

Gold for April delivery on the Comex Exchange jumped $13.60, or 1.12%, to trade at $1,223.70 a troy ounce.

Spot gold had risen 0.7 per cent to $1,217.20 an ounce. Bullion had fallen as low as $1,201.63 on Monday, when it lost 1.6 per cent on the day as equities rallied.

A day earlier, gold prices plunged $ 20.70, or 1.68%, as an attractive safe haven metal was bumpy amid a recovery in oil prices and the global stock markets.

Market players looked forward to enter the US economic data later in the day to assess whether the world’s largest economy is sufficiently strong to withstand further rate hikes in 2016. The Conference Board will publish the confidence data for February consumer at 15:00 GMT, or 10: 12 am ET, while sales of existing homes in January is due at the same time.

The biggest consumers of China and India have become gold sellers as prices rise. Discounts in India have reached a record high, while prices in China have also become cheaper relative to world benchmark index in a sign of waning demand.

Gold has gained this year largely on the back of the turmoil in the stock markets and concerns about the global economy. However, the metal has returned some of those gains because markets have stabilized.

At the Multi Commodity Exchange, gold for delivery in far-month June spurted Rs 190, or 0.65 per cent, to Rs 29,402 per 10 grams in futures trading today as speculators widened positions, tracking a firming trend overseas.

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