Market Outlook:-
- Gold retained gains from a two-day rally on Wednesday, buoyed as markets shifted away from risk amid escalating tensions in the Middle East, fears of a slowdown in China and a slide in global equities.
- Spot gold was little changed at $1,077.80 an ounce by 0046 GMT.
- The metal's safe-haven appeal has shone through early in the year as relations between Saudi Arabia and Iran collapsed over the weekend after the Kingdom's execution of a Shi'ite cleric, a prominent critic of Saudi policy.
- A rout in the equity market also prompted investors to channel money towards gold.
- Bullion is often seen as a alternative investment during times of geopolitical and financial uncertainty.
- Asian stocks were subdued early on Wednesday as floundering crude oil prices continued to dampen risk sentiment.
- The market has opened lower as the Sensex is down 23.09 points at 25557.25. The Nifty is down 10.15 points or at 7777.25. About 825 shares have advanced, 300 shares declined, and 470 shares are unchanged.
- The total net long position of funds trading copper on the London Metal Exchange rose to 9,065 lots on Dec. 31 from a net long position of 4,283 lots on Dec. 18, the LME's Commitments of Traders Report (COTR) showed on Tuesday LME-CA-MNET.
Gold prices traded marginally down Friday morning as investors purchased riskier assets instead of seeking a safe haven in gold.
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