Gold Prices Climbs More Than $10 on Positive Global Cues

Gold Prices Climbs More Than $10 on Positive Global Cues

Tracking a firming trend overseas Gold futures driven up on Monday, and as sharp decreases in the stock market of China led investors to seek shelter in the safe haven asset.

Gold for April delivery on the Comex Exchange tacked on $11.20, or 0.92%, to trade at $1,231.60 a troy ounce.

Globally, gold added 0.4% to $1,228.65 an ounce in Singapore.

The Shanghai Composite Index fell more than 4% in early trading to hit levels not seen since late 2014 as China’s central bank guided the yuan to its lowest level in three weeks.

Bullion traders said a firming global trend where the gold is heading towards the biggest monthly gain in four years as a darkening global outlook boosted demand for safe-haven assets, mainly boosted the sentiment here.

On Friday, prices of gold fell $ 18.40, or 1.49%, as US data boosted optimism optimistic about the strength of the economy and supported in the case of interest rates higher.

The US economy It grew at an annual rate of 1.0% in the three months to December, compared with an initial estimate of 0.7% growth. Economists had expected growth in the fourth quarter to be revised downwards to 0.4% GDP.

Includes a separate report showing personal expenditure, inflation and consumers were all raised in January added to the view that the US recovery is on the way.

In Delhi gold of 99.9% and 99.5% purity recovered by Rs 155 each to Rs 29,405 and Rs 29,255 per ten grams, respectively. It had shed Rs 40 in the previous session.

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