Market Update

Market Watch

Thursday, 22 May 2014

Live MCX Tips: Gold Prices at Risk

Gold held steady on Thursday but was at risk of dropping as holdings in the top bullion-backed fund fell the most in three weeks to a fresh five-year low.
Spot gold was firm at $1,292.00 an ounce by 0336 GMT, after closing between $1,291 and $1,296 in the last five trading sessions.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 3.3 tonnes to 776.89 tonnes on Wednesday - the lowest since December 2008.
India is the second biggest gold buyer after China. Among other precious metals, platinum added to gains on supply fears as strikes in major producer South Africa dragged on for a 17th week.
In the physical markets, India's central bank eased tough gold import rules on Wednesday by allowing seven more private agencies to ship the precious metal, a move that industry officials say could augment supplies and reduce premiums in the peak wedding season .
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