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Wednesday, 24 September 2014

Mcx Trading Tips Aftenoon Market News ; Gold holds gains as equities dip

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Gold clung to overnight gains on Wednesday as Asian shares retreated, but investors remained cautious amid a firmer dollar and upbeat U.S. manufacturing data that kept prices near their lowest since January.U.S.-led strikes against militants in Syria failed to spur follow-through safe-haven demand for gold after small gains on Tuesday. Gold is traditionally seen as a safer bet during times of political uncertainty. 
Gold futures rose on Tuesday as investors sold the dollar for profits, while U.S.-led air strikes in Syria fueled safe-haven demand for the precious metal. Gold and the greenback tend to trade inversely with one another. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,222.20 a troy ounce during U.S. trading
Brent crude extended losses for a third day on Wednesday, slipping further away from $97 a barrel, as inflated supplies and weak economic data outweighed rising geopolitical tensions in the Middle East.
Spot gold was holding steady at $1,223.40 an ounce at 0359 GMT. It had gained 0.7 percent in the previous session as the dollar fell on profit-taking after 10 weeks of gains. 

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