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Gold Edges Towards 1-Month High

Gold Edges Towards 1-Month HighGold Edges Towards 1-Month High

Gold edged up on Monday towards a one-month high, recovering from earlier losses, as concerns about a slowdown in the global economy persisted despite strong US data.

Spot gold edged up 0.2 percent to $1,240.40 an ounce by 0701 GMT after earlier falling 0.3 percent, Reuters reported. The metal has gained nearly 4 percent in the past two weeks and hit a one-month high of $1,249.30 on Wednesday.

Markets took some comfort from Friday’s US data that showed the Thomson Reuters/University of Michigan index of consumer sentiment unexpectedly rose in early October to its highest level since July 2007, while groundbreaking for new homes rose more than expected last month.

That data reassured investors, who had been worried about the global economy and its impact on US monetary policy, and a resurgent European debt crisis.

  Benefit

Gold, along with other safe-haven assets such as bonds and the Japanese yen, had benefited over the past two weeks as investors sought safety from riskier equities.

But the worries over the health of the global economy have not been completely removed and markets will still be closely watching economic data.

Hedge funds and money managers increased their bullish futures and option bets in gold in the week up to Oct. 14 after eight consecutive weekly declines, the Commodity Futures Trading Commission said.

SPDR Gold Trust, the world’s top bullion-backed exchange traded fund, has also been seen an uptick in investments. Among other precious metals, platinum and palladium continued to recover from recent losses, gaining nearly 1 percent on Monday.

  MCX Market

Mcx Gold opens with 27,219.00 points down side as compared to its last closed prices and its last closed price is 27,256.00 points and recently mcx gold stands with 27,307.00 points and goes above side with 51.00 points.

Other side silver also goes upside with 38,410.00 points and its last previous closed price is 38,399.00 points.mcx silver goes upside with 174.00 points and silver stands with 38,573.00 points.

Both energy commodities like crude oil and natural gas traded at down side with lower prices and all base metals like, aluminum, copper, nickel, lead and zinc go down side with lower prices and stay in negative zone.

 

Financialtribune.com