Thursday, 10 March 2016
Today Mcx Tips Bullion Market Updates By CapitalHeight
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Tuesday that it hedged 270,000 oz of gold for the remaining nine months of the year through options contracts at a cost of $2 million, starting in April, giving them a minimum price of $1,200 an ounce and maximum at $1,400 an ounce.
Spot gold was trading around $1,250 an ounce on Wednesday, up around 18 percent from the end of 2015 after global economic uncertainty caused investors to buy gold as a safe haven asset.
Gold dipped for a third day on Thursday, slipping further away from a 13-month high hit last week, as Asian stocks and the U.S. dollar firmed on expectations the European Central Bank will enact more stimulus to bolster euro zone economies.
Spot gold was off 0.1 percent at $1,251 an ounce by 0248 GMT, pulling further away from a 13-month peak of $1,279.60 reached on March 4.
Asian stocks edged up after New Zealand surprised markets with a rate cut, keeping investors primed for more stimulus from the ECB later in the day.
Spot silver was steady at $15.28 an ounce, platinum dropped 0.3 percent to $975.35 and palladium eased nearly 1 percent to $558.50.