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.
BUY JETAIRWAYS 620PUT ABOVE 35 T1 36.25 T2 37.50 SL 33.40
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Gold inched down amid a relatively flat dollar, as the ECB and OPEC ended without enacting any major policy changes as estimated by Epic Research.
ReplyDeleteGold rate lost 1 percent on this Wednesday, pressured by the upbeat Unites State growth data & information for the 3rd quarter and the Federal Reserve chair Janet Yellen's bullish vision of the financial system monetary policy.
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