Market Update

Market Watch

Wednesday, 3 February 2016

Today's MCX Gold News, Bullion Market Tips



Gold stabilised near a three-month top early on Wednesday, its safe-haven appeal kept intact by concerns over a wobbly global economy that has put share markets under pressure.
        Spot gold XAU= was off 0.2 percent at $1,127.07 an ounce by 0044 GMT, not far below Tuesday's peak of $1,130.30, its strongest since Nov. 3
          Global interest rates are likely to go even lower before they rise as financial market volatility and the spectre of deflation raise fresh doubts about central banks' ability to fulfil their mandates, policymakers and economists said.
               India's latest attempt to curb the country's love for gold - by forcing buyers of high-value jewellery to disclose their tax code - has boosted unofficial trading in the world's second-biggest gold consumer, rather than promote transparency and dent demand.
           U.S. gold for April delivery GCcv1 was flat at $1,127.70 an ounce.
                 Asian shares sagged as oil prices sank again due to fading hopes of a deal to curb a global glut, prompting investor to seek shelter in safe-haven assets and lifting bonds and gold to multi-month highs.
           The market has opened sharply lower following correction in global peers and crude oil prices. The Sensex fell 254.69 points or 1.04 percent to 24284.31 and the Nifty declined 82.80 points or 1.11 percent to 7372.75.

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