Spot gold rose 0.44 percent, to USD 1,214.45 per ounce at 0321 GMT, while US gold futures were up 0.7 percent, to USD 1,216.7. Gold edged up on Thursday, as the dollar weakened after the US Federal Reserve kept interest rates unchanged at its first meeting since President Donald Trump's inauguration. Spot gold rose 0.44 percent, to USD 1,214.45 per ounce at 0321 GMT, while US gold futures were up 0.7 percent, to USD 1,216.7. The dollar index edged lower 0.1 percent to to 99.540. The Fed kept interest rates unchanged on Wednesday in its first meeting since President Donald Trump took office, but painted a relatively upbeat picture of the US economy that suggested it was on track to tighten monetary policy this year. "I see gold being slightly bid in the short term as the dollar weakness continues … non-commercial longs speculating on the dollar index have been trimming their positions since the beginning of the year and the Fed appears to remain dovish or wait and see," said Nicholas Frappell, General Manager with ABC Bullion Spot gold may retest a resistance at USD 1,219 per ounce, as it has found a support at USD 1,197, according to Reuters technical analyst Wang Tao. "The sharp rebound after a pull down below USD 1,200 and the Asian pricing model, despite the Chinese New Year, seems favorable and we see a lot of bullish signals," said Spencer Campbell, General Manager with Kaloti Precious Metals, Singapore. "We are sort of eyeing the USD 1,225 levels in the next move if the metal breaks the recent highs of around USD 1,215 levels next week." The yellow metal gained more than 5 percent in January - its best month since June 2016 - as the dollar suffered its worst start to the year in three decades." "The global growth story seems to be improving immeasurably just as the political outlook grows increasingly cloudy across a number of geographies, which is why we are on balance, friendly to gold heading into a very uncertain year," said INTL FCStone analyst Edward Meir. Factories across the world fired up - or at least kept up - activity in January with some registering multi-year output highs, just as a barrage of political risks threatens the global economy with potential harm. Meanwhile, investors also turned their attention to a quarterly report from the Bank of England on Thursday. The BoE was expected to avoid adding to speculation about a first interest rate hike in nearly a decade, even as it acknowledges the resilience of Britain's economy since last year's Brexit vote shock. In other precious metals, spot silver rose 0.34 percent, to USD 17.57 per ounce, while platinum was up 0.35 percent, to USD 999.49. Platinum earlier touched USD 1004.6, a peak since Nov. 10, 2016. Palladium was mostly unchanged at USD 762.50 per ounce. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , Bullion Market Tips , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Bullion Energy Tips , Commodity market tips , Give Miss call ☎ @ Toll Free Number 📲 18003157801
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