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Wednesday, February 24, 2016

Gold recovers on weaker equities and ETF inflows, rises 1 per cent

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Gold rose by about 1 per cent on Tuesday, spurred by a fall in global equities and inflows into bullion funds that helped the precious metal recover ground lost in previous sessions.
Traders said investor demand is strong on the price dips, even as producers have resumed hedging output to take advantage of the 15-per cent rally this year.
Assets in SPDR Gold Trust, the top gold-backed exchange-traded fund (ETF), rose more than 19 tonnes to 752.29 tonnes on Monday, the highest since March 2015.
The fund’s inflows since the beginning of the year have already surpassed outflows for the whole of 2015.
Spot gold was up 1.15 per cent at $1,223.40 an ounce by 3:10 p.m. EST (2010 GMT). Prices had fallen 1.6 per cent on Monday, when the dollar and equities rallied.
US gold futures for April delivery settled up 1 per cent at $1,222.60.
Technically, the gold price should stabilise in the $1,200 to $1,192 an ounce area, Commerzbank said.
Among other precious metals, silver rose by 0.33 per cent to $15.26 an ounce after hitting a two-week low of $14.90 on Monday. Platinum was up 1.7 per cent at $942.20, while palladium firmed 0.96 per cent to $504.25.
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