Market Update

Market Watch

Monday, 28 December 2015

Live Bullion Trading Updates By CapitalHeight

Gold slipped on Monday, tracking lower oil prices, but failed to get safe-haven bids despite weakness in the dollar and Asian equities as liquidity remained thin in a holiday-shortened week.     Spot gold eased 0.1 percent to $1,074 an ounce by 0259 GMT. Silver dropped 0.5 percent to $14.27.
      Oil prices fell after the long Christmas weekend, with international crude and product markets still well supplied in excess of demand.
     Gold is positively correlated to oil as the metal is seen as a hedge against petroleum-led inflation.
 Early next year, gold should move lower as the dollar will remain strong in the first half of next year.
          Many traders and analysts expect gold to fall to $1,000 an ounce or even lower next year.
         The 30-share BSE Sensex rose 99.48 points to 25938.19 and the 50-share NSE Nifty climbed 23.90 points to 7884.95. About 1022 shares have advanced, 355 shares declined, and 90 shares are unchanged on the BSE. 
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  2. Gold edged down on Friday but held near an over two-month high hit in the previous session