Market Update

Market Watch

Thursday, 9 October 2014

Live Mcx Trading Tips; Gold rises to near 2-week high

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Gold climbed to its highest in nearly two weeks on Thursday as expectations of an early hike in US interest rates eased and the dollar lost traction after the release of minutes of the last Federal Reserve policy meeting.
* Spot gold rose to USD 1,223.61 an ounce early on Thursday, before paring gains to trade down 0.2 percent at USD 1,219.30 by 0036 GMT. The metal had risen for three days in a row before Thursday.
*US gold futures jumped over 1 percent to USD 1,224.30 - also close to a two-week peak, while silver futures rose nearly 2 percent.
The US dollar, which has risen in the last 12 weeks, hit a two-week low, boosting gold's appeal. * Bullion investors had feared that strong US economic data would prompt the Fed to boost rates soon, a move that would dent demand for non-interest-bearing gold.
Brent crude futures held steady above $91 a barrel on Thursday, after rebounding from a 27-month low hit in the previous session as the US dollar weakened on the possibility the Federal Reserve could hold off raising interest rates. Expectations that oil demand could increase towards the end of this month - even though US crude stocks increased more than expected last week - also helped to support prices.

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