Market Update

Market Watch

Monday, 2 May 2016

Bullion Mcx Tips; Indian Commodity Market News

Gold traded near a 15-month peak on Monday as a tumble in the dollar and weakness in global equities bolstered the metal close to $1,300 an ounce.
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Spot gold steadied at $1,292.90 an ounce by 0029 GMT, after climbing to $1,296.11 on Friday, the highest level  since January 2015.

Bullion is sensitive to rising interest rates, which lift  the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.

The dollar was also dragged lower by weak U.S. economic data that supported the Federal Reserve's cautious stance on higher U.S. interest rates. 

The U.S. dollar on Friday logged its biggest weekly percentage decline against the yen since the 2008 financial crisis in the aftermath of the Bank of Japan's decision not to ease policy further.

Liquidity during Asian trading hours will likely be thin as several markets are shut for the Labour Day holiday.

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