Friday, 29 January 2016
Free MCX Bullion Updates, Gold News
Gold steadied on Friday after recent gains that lifted the metal to its highest since November, keeping it on track to end January with its strongest monthly climb in a year.
The metal got a strong boost this week after the U.S. Federal Reserve said it was closely watching the global economy and financial markets.
Spot gold was little changed at $1,114.01 an ounce by 0041 GMT. Profit-taking on Thursday caused bullion to retreat from a 12-week high of $1,127.80 reached the previous day.
Asian shares got off to a tentative start after oil cobbled together a third session of gains and markets wagered U.S. interest rates would not be rising much this year, if at all.
Canadian miner Endeavour Silver Corp will reduce production of the precious metal this year by more than a quarter because of low prices, the company said in a statement on Thursday.
Silver prices have fallen more than 70 percent since hitting 2011 highs of nearly $50 an ounce. They stood at $14.24 an ounce on Thursday on the London Bullion Market Association's index.
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