Friday, 9 February 2018

Gold up on safe-haven buying as equities drop

Gold prices edged up on Friday, recovering from more than one-month lows as tumbling equities markets pushed investors into safe-haven assets, but a firmer dollar and worries about rising global interest rates kept gains in check.
FUNDAMENTALS
* Spot gold was up 0.1 percent at $1,320.72 an ounce, as of 0038 GMT. Prices touched their lowest since Jan. 4 at $1,306.81 on Thursday.
* Spot gold was down 1 percent for the week and heading for its second straight weekly loss.
* U.S. gold futures were up 0.3 percent at $1,322.60 per ounce.
* Asian stocks tumbled on Friday after Wall Street shares suffered yet another big slide amid worries over rising bond yields, while perceived havens such as the yen and Swiss franc drew demand amid the turmoil. 

* While a strengthening U.S. dollar weighed on gold during the recent global stock market sell-off, more investors decided to buy bullion later, when prices touched technical support around $1,312 an ounce, said Michael Matousek, head trader at U.S. Global Investors.
* The Bank of England said on Thursday it was likely to raise interest rates sooner and by more than it thought only three months ago, because Britain's slow-moving economy is getting a boost from the global recovery.
* The benchmark 10-year Treasury note yield rose as high as 2.884 percent on Thursday after the Bank of England signalled more aggressive rate hikes, just below Monday's four-year high of 2.885 percent. It last stood at 2.8385 percent.


 MCX CALL: SELL ZINC BELOW 220 TARGETS 219.50 / 218.90 / 218.20 STOPLOSS 220.75


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1 comment:

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