GOLD OPENING RATE 29980
GOLD RATE 29919 26 OCT. 2016
Demand for bullion is expected to pick up ahead of festivals such as Dhanteras and Diwali, which is also a time when gold is traditionally given as a gift.
Gold prices stayed firm on Wednesday as stronger physical demand for the precious metal, ahead of India's late-October festival season, offset a steady US dollar.
Demand for bullion is expected to pick up ahead of festivals such as Dhanteras and Diwali, which is also a time when gold is traditionally given as a gift. "A recovery in physical demand provided the foundation for the rally that carried over into later trading," HSBC analyst James Steel said in a note. "Gold investors brushed aside the negative impact on bullion of a firmer USD ." Spot gold was up about 0.1 percent at USD 1,275.00 an ounce by 0655 GMT. In the previous session, it hit USD 1276.67, its highest since Oct. 5. US gold futures settled up 0.16 percent at USD 1,275.6 an ounce. Flows into exchange-traded funds and pick up in Asian demand were keeping the metal stable, said Dominic Schnider of UBS Wealth Management in Hong Kong. "Markets having already priced in the Fed's interest rate hike move," Schnider added.
A Reuters poll showed the Federal Reserve is expected to raise interest rates in December. Bank of England Governor Mark Carney cast doubt on expectations for more monetary stimulus in Europe while ECB President Mario Draghi said on Tuesday he would prefer not to have to keep rates so low for too long. Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.34 percent to 956.83 tonnes on Tuesday from 953.56 tonnes on Monday. "The extreme longs on Comex have been reduced significantly providing upside support for the yellow metal and potential for another assault on USD 1,300," MKS PAMP Group trader Jason Cerisola said. Spot gold may rise towards USD 1,292 per ounce, having cleared a resistance at USD 1,273, according to Reuters technical analyst Wang Tao. "For the remaining of 2016, the suspense given the US presidential election alone should be enough to support gold prices," OCBC analysts said in a note. Silver was flat at USD 17.78 an ounce. Platinum climbed 0.45 percent to USD 967.50 an ounce, while palladium rose 0.63 percent to USD 637.00.
GOLD RATE 29919 26 OCT. 2016
Gold prices stayed firm on Wednesday as stronger physical demand for the precious metal, ahead of India's late-October festival season, offset a steady US dollar.
Demand for bullion is expected to pick up ahead of festivals such as Dhanteras and Diwali, which is also a time when gold is traditionally given as a gift. "A recovery in physical demand provided the foundation for the rally that carried over into later trading," HSBC analyst James Steel said in a note. "Gold investors brushed aside the negative impact on bullion of a firmer USD ." Spot gold was up about 0.1 percent at USD 1,275.00 an ounce by 0655 GMT. In the previous session, it hit USD 1276.67, its highest since Oct. 5. US gold futures settled up 0.16 percent at USD 1,275.6 an ounce. Flows into exchange-traded funds and pick up in Asian demand were keeping the metal stable, said Dominic Schnider of UBS Wealth Management in Hong Kong. "Markets having already priced in the Fed's interest rate hike move," Schnider added.
A Reuters poll showed the Federal Reserve is expected to raise interest rates in December. Bank of England Governor Mark Carney cast doubt on expectations for more monetary stimulus in Europe while ECB President Mario Draghi said on Tuesday he would prefer not to have to keep rates so low for too long. Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.34 percent to 956.83 tonnes on Tuesday from 953.56 tonnes on Monday. "The extreme longs on Comex have been reduced significantly providing upside support for the yellow metal and potential for another assault on USD 1,300," MKS PAMP Group trader Jason Cerisola said. Spot gold may rise towards USD 1,292 per ounce, having cleared a resistance at USD 1,273, according to Reuters technical analyst Wang Tao. "For the remaining of 2016, the suspense given the US presidential election alone should be enough to support gold prices," OCBC analysts said in a note. Silver was flat at USD 17.78 an ounce. Platinum climbed 0.45 percent to USD 967.50 an ounce, while palladium rose 0.63 percent to USD 637.00.
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