25 February 2016


Gold : Gold rose above $1,250 an ounce and neared a one-year high on Wednesday, acting as counter against risk alongside top-rated government bonds as oil's earlier weakness rippled into global equity markets. The market's rediscovered role as a shelter for risk-averse investors seemed to be gaining traction, traders and analysts said, even as the dollar gained ground against a basket of major currency rivals. The dollar fell later in the day. Stocks across the globe fell on concerns over economic growth but were off their session lows after crude oil futures turned higher following U.S. inventory data. New U.S. single-family home sales tumbled in January, while other data showed the services sector contracted in early February for the first time since October 2013. Dallas Federal Reserve President Robert Kaplan, who advocates a patient approach to policy tightening in the wake of global headwinds, said he does not expect the United States to enter recession this year. Assets in SPDR Gold Trust, the top gold-backed ETF, are at their highest since March 2015. The fund's inflows since the beginning of the year have already surpassed outflows for the whole of 2015, lending support to gold prices.
Outlook :We expect gold prices to trade positive on the back of safe haven buying.

1 comment:

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