Bullion tips & gold market overview by Research via
Bullion has lost nearly 9.5 per-cent for this year, its 3rd straight yearly decline, on hopes of the rate hike.
Bullion tips for Today - Gold struggled to regain from overnight losses on hoping that Federal Reserve rate strike in up coming week and a robust USD.
Important points to remember:
Spot gold was little bit changed at $1,071.52 an ounce by 0009 GMT. It fell-down as much as 1.6 per-cent on yesterday to strike a trading session low of $1,069.66.
Last week Friday's strong U.S. nonfarm payrolls reports supported widely held market views that the Fed would hike interest rates for the 1st time in nearly a decade later current month.
Gold gained 2.3 per-cent on Friday on short-covering immediately after the data, but with the focus back on the rate increase next week, investors sold off the metal on yesterday.
The US dollar expanded gains in against with the basket of major currencies on yesterday, helped by the jobs data & reports & the looming rate hike, further weighing on bullion.
High rates tend to drag on non-interest-paying gold by increasing the opportunity cost of accumulating it, while increasing the dollar.
Investor sentiment has been downbeat. Assets in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, tumbled 0.65 percent to 634.63 tonnes on Monday, the lowest since September 2008.
Besides this, China likely contributed nearly 21 tonnes of gold to its reserves in Nov month, according to data & reports showed on yesterday.
Visit
http://www.researchvia.com/bullions-pack/
Important points to remember:
Spot gold was little bit changed at $1,071.52 an ounce by 0009 GMT. It fell-down as much as 1.6 per-cent on yesterday to strike a trading session low of $1,069.66.
Last week Friday's strong U.S. nonfarm payrolls reports supported widely held market views that the Fed would hike interest rates for the 1st time in nearly a decade later current month.
Gold gained 2.3 per-cent on Friday on short-covering immediately after the data, but with the focus back on the rate increase next week, investors sold off the metal on yesterday.
The US dollar expanded gains in against with the basket of major currencies on yesterday, helped by the jobs data & reports & the looming rate hike, further weighing on bullion.
High rates tend to drag on non-interest-paying gold by increasing the opportunity cost of accumulating it, while increasing the dollar.
Investor sentiment has been downbeat. Assets in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, tumbled 0.65 percent to 634.63 tonnes on Monday, the lowest since September 2008.
Besides this, China likely contributed nearly 21 tonnes of gold to its reserves in Nov month, according to data & reports showed on yesterday.
Visit
http://www.researchvia.com/bullions-pack/
- Contact Email
- [email protected]
- Issued By
- ResearchVia Financial Advisory
- Website
- Bullion tips
- Phone
- 9977785000
- Business Address
- AB Road, Bhawarkuan, Office No. 301- 315 Sai Ram Plaza 63 Mangal Nagar, Opp. Patel Motor Ab road Indore, Madhya Pradesh 452001, India
- Country
- India
- Categories
- Business · Finance · News
- Last Updated
- December 8, 2015