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Thursday, 1 January 2015

Mcx Tips by CapitalHeight; Gold down on higher shares

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In Mcx Gold edged down on higher shares on Wednesday, but was poised to end 2014 steady around $1,200 an ounce as the impact of a strong dollar was offset by demand from investors worried about tensions in Russia and political uncertainty in Greece. Bullion was on track for a 0.5 per cent fall this year after a turbulent 2013, when prices fell by a third after 12 years of gains.
Spot gold was down 0.3 per cent at $1,196.90 an ounce by 1257 GMT. On Tuesday, it climbed to a near two-week high of $1,209.90 as concerns over tension between Russia and the West weakened the dollar and stock markets. Prices have been relatively less volatile in 2014 compared with last year's 28 per cent slide and $500 trading range. Despite falling to a 4-1/2-year-low in November, gold has traded in a $260 range for the year.
Silver fell 1.7 per cent to $15.99 an ounce and was on track for a 17-per cent annual decline and platinum, down 0.7 per cent at $1,205.10 an ounce, was also headed for a yearly fall. With a 13 per cent jump, palladium was the best performer among precious metals this year, mostly on supply concerns from top producer Russia. Prices were unchanged at $800.50 an ounce.

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