Market Update

Market Watch

Friday, 8 January 2016

Gold , Silver and Bullion Trading Market News

  • Gold hit a fresh nine-week high above $1,100 an ounce on Friday, as investors sprinted to safe-haven assets due to jitters over the Chinese economy and tumbling stock markets.
  • Spot gold was steady at $1,108.65 an ounce by 0044 GMT.
  • U.S. gold rose to $1,113.10, also a nine-week high. Both have gained nearly 5 percent this week.
  • Chinese markets face a day of high drama on Friday as share trading resumes with no automatic mechanism in place to restrict selling and the world watches to see if Beijing will allow its currency to fall yet further.
  • The market bounced back on last day of the week after falling for previous four consecutive sessions. The Sensex rose 173.99 points or 0.70 percent to 25025.82 and the Nifty climbed 43.35 points or 0.57 percent to 7611.65 on short covering.
  • Bullion was also supported by a softer dollar and the release of the minutes of the Federal Reserve's last policy meeting, assuring markets that U.S. interest rates would be increased only gradually this year.
  • Spot platinum dropped 0.3 percent to $873.30 an ounce. Silver rose 2.1 percent to $14.30 an ounce.

                                                                                         PRICES AT 0044 GMT

                                                               Metal                  Last               Change          Pct chg

                                                              Spot gold             1108.65         -0.45              -0.04

                                                             Spot silver           14.29              -0.01             -0.07

                                                             Spot platinum     873.05           -0.75              -0.09

                                                             Spot palladium    494.25            2                    0.41

                                                             Comex gold         1108.4              0.6                 0.05

                                                             Comex silver         14.3               -0.044            -0.31
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