Market Update

Market Watch

Tuesday, 28 October 2014

Mcx Trading Tips; Gold struggles as stronger equities

In Mcx Gold steadied on Monday but failed to make any recovery from three straight days of losses as stronger global economic data and higher equities curbed the metal's safe-haven appeal. Gold prices dipped slightly in early Asia trade on Tuesday with the focus growing on the Federal Reserve.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,225.80 a troy ounce, down 0.06%, after hitting an overnight session low of $1,227.50 and off a high of $1,232.00.
Asian equities rose, taking heart from upbeat earnings and US economic data that eased global growth fears and sharpened risk appetite. The results of stress tests on European banks at the weekend were received calmly in the market.
Spot gold was steady at $1,230.86 an ounce at 0309 GMT but isn't far from a one-week low of $1,226.17 reached last week. The metal's losses come after global equities posted their biggest weekly per centage gain since July 2013 last week, while the US dollar also strengthened.

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