Gold Prices Rises on Safe-Haven Demand; Ahead to Key U.S. Economic Data

Gold Prices Rises on Safe-Haven Demand

Prices of Gold futures struggled for direction in Europe trade on Thursday, swinging between small gains and losses as safe-haven demand, with bullion funds seeing fresh buying from investors.

Gold for April delivery on the Comex Exchange dipped $1.60, or 0.13%, to trade at $1,237.50 a troy ounce.

Spot gold had risen 0.3 per cent to $1,232.90 an ounce after earlier falling as much as 0.7 per cent.

Market participants looked forward to major US economic data at end of day to assess whether the world’s largest economy is sufficiently strong to withstand further rate hikes in 2016.

The USA. will release data on orders for durable goods in January, as well as the weekly report on initial jobless claims.

Traders also hoped comments from a couple of Federal Reserve officials on Thursday to judge the balance of opinion makers in the prospect of further rate hikes.

Asian stock markets had a shaky start as investors remain cautious in the face of a fragile recovery in crude oil. safer assets like the Japanese yen gained across the board.

At the Multi Commodity Exchange, gold for delivery in April declined by Rs 132, or 0.45% to Rs 29,422 per ten grams in profit-booking at prevailing levels, even as metal strengthened overseas.

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