Gold fell more than 1 per cent on Wednesday as a rally in assets seen as higher risk, such as equities, prompted some investors to cash in gains sparked the previous day by Fed chair Janet Yellen’s cautious tone on further rate hikes.
The metal remains on track for its best quarter in nearly 30 years, up 15.6 per cent, after prices rallied sharply earlier in the year as worries about economic growth, particularly in China, shook up stock markets.
Consequent demand for safe havens, combined with receding expectations for US Federal Reserve rate hikes, have driven gold up more than 16 per cent since January, making this its strongest quarter so far since the third quarter of 1986.
Spot gold was at $1,227.14 an ounce by 2:48 p.m. EDT (1848 GMT), down 1.2 per cent. US gold futures settled down $8.90 an ounce at $1,228.60.
Among other precious metals, silver was down 0.6 per cent at $15.24 an ounce, platinum was down 0.2 per cent at $965.11 an ounce and palladium was down 2 per cent at $562.22 an ounce.
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