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Wednesday, 12 November 2014

Get Mcx Tips with Commodity Market updates; Gold holds gains

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Gold held overnight gains on Wednesday, but could struggle to sustain rallies with the U.S. dollar close to four-year highs and outflows from bullion funds showing no signs of abating. Holdings in SPDR Gold Trust, the world's top gold-backed exchange-traded fund, fell 0.12 percent to 724.46 tonnes on Tuesday - a fresh six-year low.
Gold is extremely sensitive to dollar-yen moves now and it should return to the downtrend soon." Spot gold was little changed at $1,164.20 an ounce by 0334 GMT, after gaining 1.2 percent on Tuesday from a softer dollar. Bullion is seen as an alternative investment to riskier assets such as equities during economic uncertainties. But optimism over the U.S. economic recovery has boosted stocks and the dollar.
Crude futures edged lower on Tuesday amid perceptions that the dollar remains on a long-term strengthening trend due to expectations for U.S. monetary policy to tighten while Europe and Japan move in the opposite direction. A stronger greenback makes oil a less attractive commodity on dollar-denominated exchanges, especially in the eyes of investors holding other currencies.

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