Gold Futures Prices Touch 3-Week Highs On Strong Festive Demand In India

Gold Futures Prices Touch 3-Week Highs On Strong Festive Demand In India

Prices of US gold futures remained firm on Wednesday on a three-week high as the strongest precious metals for physical demands, ahead of the end of October the festival season in India, offset in US dollars withdrew nine-month peak hit overnight.

Gold for December delivery on the Comex Exchange touched a session high of $1,277.20 a troy ounce, the most since October 5.

Spot gold was up about 0.1 percent at $1,275.04 an ounce, it hit $1276.67, its highest since Oct. 5.

The US dollar index, which measures the strength of the greenback versus a trade-weighted basket of six major currencies, was down 0.2% to 98.48 early Wednesday, after hitting highs of 99.09 overnight, its highest since Feb. 1 level.

A weaker dollar generally beneficial gold, as it boosts the metal’s appeal as an alternative asset and expensive raw materials denominated in dollars more expensive for holders of other currencies.

Demand is expected to pick bullion ahead of festivals like Dhanteras and Independence Day, which is also a time when gold traditionally is given as a gift.

Bank of England Governor, Mark Carney, cast doubt on expectations of more monetary stimulus in Europe, while said ECB President Mario Draghi on Tuesday rather not have to keep rates so low for too long.

Holdings of SPDR Gold Trust, in the world, rose 0.34 percent to 956.83 tonnes on Tuesday from 953.56 tonnes on Monday.


For Commodity Market Tips, MCX Live Tips, Gold-Silver Prices and trading market latest news & updates  with 100McxTips, follow us on Twitter @100mcxtips and Like on Facebook.  And to contact the reporter on this story email at or Call: +91-761-4012307.

Mcx Tips Free


MCX Commodity Tips is an experienced Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at commodity free trial tips here.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
M-Sat : 10am - 7pm

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: