Gold prices eased on Tuesday as a rise in the dollar offset the supportive impact of concerns over Greece’s future in the euro zone and fears over escalating violence in Ukraine, which hurt risk appetite.
A 0.2 per cent rise in the dollar against its currency basket led gold to stall after the previous day’s rise, preventing a steeper recovery from Friday’s three-week low.
Spot gold was down 0.4 per cent at $1,233.52 an ounce at 3:18 p.m. EST (1618 GMT), while US gold futures for April delivery settled down $9.30 an ounce at $1,232.20.
Euro-priced gold stood just below 1,100 an ounce on Tuesday. They hit their highest since April 2013 at 1,156.14 euros on Jan. 26.
On the main physical markets for gold, premiums over spot prices on the Shanghai Gold Exchange contracted slightly ahead of next week’s Lunar New Year holiday, MKS said in a note on Tuesday, but remained between $2.50-3.50, showing demand has emerged at lower levels.
Among other precious metals, silver was down 0.6 per cent at $16.91 an ounce. Platinum was down 0.5 per cent at $1,207.25 an ounce, while palladium was down 1.2 per cent at $767.70 an ounce.
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