Market Update

Market Watch

Thursday, 13 February 2014

MCX Bullion Market: Gold Hikes in a Three Month Today

Gold was hovering near a three-month high on Thursday as investors weighed prospects for further cuts to U.S. stimulus and signs of waning physical demand. Silver headed for the longest run of advances since 2008. 

Bullion for immediate delivery traded at $1,291.55 an ounce at 10:23 a.m. in Singapore from $1,291.18 yesterday, when prices climbed to $1,296.32, the highest level since Nov. 8. Gold is up 7.1 percent this year after a 28 percent slump in 2013 that was the biggest annual drop since 1981. 

Silver added 0.2 percent to $20.2888 an ounce, increasing for a tenth day. Platinum slid 0.1 percent to $1,405.38 an ounce, halting a four-day climb. Palladium was at $728.75 an ounce from $729.06 yesterday, when prices capped a sixth day of gains in the longest winning streak since July.

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