Tuesday, 5 August 2014
Live Mcx Tips Market Updates; Gold held steady below $1,300
In Mcx an ounce on Tuesday, although a strong dollar and the first outflow in more than a week from the worlds top bullion fund weighed on sentiment. Gold has recently been hurt by U.S. economic data as a strong recovery could prompt the Federal Reserve to raise interest rates, diminishing the appeal of non-interest bearing assets such as bullion.
Gold prices fell on Tuesday after investors ditched safe-haven positions in the yellow metal and went long on U.S. stocks due to earnings and jobs data. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,288.60 a troy ounce during U.S. trading, down 0.48%, up from a session low of $1,287.10 and off a high of $1,296.40.
Meanwhile, silver for September delivery was down 0.82% at $20.203 a troy ounce, while copper futures for September delivery were up 1.02% at $3.247 a pound. Crude oil for delivery in September traded up 0.33% at $98.20 a barrel during U.S. trading. New York-traded oil futures hit a session low of $97.44 a barrel and a high of $98.33 a barrel.
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