Market Update

Market Watch

Monday, 29 February 2016

Mcx Tips by CapitalHeight; Gold rises above $1,220

  • Gold steadied near $1,220 an ounce on Monday, nursing losses from the previous session, but was poised to log its best monthly performance in four years as safe-haven demand from stock market turmoil bolstered the metal.
  • Spot gold was little changed at $1,221.36 an ounce by 0044 GMT, after dropping 1 percent on Friday on a stronger dollar and an uptick in stocks.
  • Bullion has rallied about 15 percent this year as investors have sought safety in the metal amid tumbling stock markets and concerns over the global economy.
  • Despite Friday's losses, gold has gained 9.3 percent in February.
  • Hedge funds and money managers raised their bullish stances in COMEX gold to a one-year high in the week to Feb.
  • Asian stocks were off to a cautious start on Monday after a weekend meeting of the Group of 20 economic policymakers ended with no new coordinated action to spur global growth and as
  • solid U.S. data revived expectation of a U.S. rate hike before year-end.
  • Prime Minister Narendra Modi wants the budget unveiled on Monday to appeal to India's rural poor, officials familiar with his thinking said, in a strategy shift that could boost his ruling party in coming state elections but disappoint investors.
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