Tuesday, 12 April 2016
MCX Commodity News; Gold Jumped Peak
Gold dips slightly after hitting 3-wk top on profit-taking.
Gold jumped to a three-week peak on Tuesday on expectations the Federal Reserve will not raise US interest rates soon and as the dollar traded close to its lowest in nearly eight months.
Spot gold rose to USD 1,259.66 an ounce early on Tuesday, its highest since March 18. However, it pared gains to trade down 0.2 percent at USD 1,254.70 an ounce by 0036 GMT, on profit-taking following a 1.4-percent overnight gain.
US gold futures also climbed to a three-week top of USD 1,261.90.
Gold has also been buoyed by safe-haven demand.
Asian stocks made a subdued start on Tuesday, with Japanese shares dipping on a bullish yen.
In the physical markets, more than half of Indian jewellers reopened their shops on Monday after keeping them closed for nearly six weeks in protest over the reintroduction of excise duty on gold jewellery.
Oil prices dipped in early Asian trade on Tuesday, but both US and international crude futures held above USD40 per barrel ahead of a meeting of major producers to discuss freezing output levels to rein in ballooning oversupply. US West Texas Intermediate (WTI) crude futures were trading at USD40.27 per barrel at 0059 GMT, down 9 cents from their last settlement.