Skip to main content

LIVE GOLD NEWS UPDATE @@www.tradelinecommodity.com India's No.1mcx Tips Provider Missed Call @:/8057046270/8923452051

PRECIOUS-Gold gains as U.S. recession fears boost safe-haven assets

* Safe-haven yen hits six-week peak versus the dollar
* Specs raise bullish positions in gold (Adds comment, updates prices)
By K. Sathya Narayanan
March 25 Gold rose on Monday as investors' appetite for riskier assets faded on concerns about a potential U.S. recession and decelerating global growth, increasing appeal for the bullion alongside yen and bonds.Spot gold  was up 0.2 percent at $1,316.11 per ounce as of 0422 GMT, while U.S. GCcv1 gained 0.3 percent to $1,315.80 an ounce.
The metal last week posted its third consecutive weekly gain and rose 1 percent, the most since the week ended Feb. 1.
Investors dumped shares and fled to the safety of bonds, while the Japanese yen hovered near a six-week high. MKTS/GLOB"Market is in a risk aversion mode. It seems that the data from Friday night, of U.S. and Europe, didn't come as expected," said Michael McCarthy, chief market strategist,CMC (NS:) Markets.
Data on Friday showed that U.S. manufacturing activity unexpectedly cooled in March and businesses across the euro zone performed much worse than expected this month, fanning concerns on global growth. data continues to be as weak as forecast then there is very good chance we could see significant higher gold prices," McCarthy said, adding that the inversion of yield is a sign of concern.
Yields on benchmark U.S. 10-year treasury notes fell further below three-month rates in Asia, an inversion that has in the past signalled the risk of economic recession. The yield curve inverted on Friday for the first time since mid-2007. US/Lower yields reduce the opportunity cost of holding non-yielding gold and weigh on the dollar. A weaker dollar makes bullion cheaper for non-U.S. investors. USD/Chicago Federal Reserve Bank President Charles Evans said on Monday that it is a good time for the U.S. central bank to pause and adopt a cautious stance, adding that he did not expect any interest rate hikes until the second half of next year. is set to make another run for the $1,350 price level that has proved resilient," OANDA said in a note."Volatility fuelled by uncertainty and with plenty of Fed speakers expected to reinforce the dovish rhetoric from the central bank, the U.S. dollar will be limited on the upside."
Indicating appetite for the safe-haven bullion, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust  rose about 1 percent in the previous week. GOL/ETFInvestors also raised their bullish wagers in COMEX gold in the week to March 19, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. CFTC/Among other precious metals, palladium slipped 0.1 percent to $1,563 per ounce.Silver  gained 0.3 percent to $15.46, while platinum was up 0.6 percent at $848.78 an ounce.
India's No.1mcx Tips Provider
© Reuters.  PRECIOUS-Gold gains as U.S. recession fears boost safe-haven assets

Comments

Popular posts from this blog

YESTERDAY PROFIT UPDATE BY DELTA RESEARCH Missed Call Or WhatsApp Arushi Pathak 7900407979 www.deltamcx.com

YESTERDAY PROFIT UPDATE BY DELTA RESEARCH  Get One Day Free Trial in Delta Research Calls As Per U.S Data With Superb Accuracy Level. Missed Call Or WhatsApp Arushi Pathak 7900407979 www.deltamcx.com  Maximum Accuracy Best Returns https://api.whatsapp.com/send?phone= 7900407979

MCX Live Price Updated By Spidersignals.com

Symbol          LTP           High           Low           Open GOLD         34900.00        35000.00         34916.00   35000.00 SILVER         40870.00        41005.00        40851.00   41005.00 CRUDEOIL 3895.00         3895.00         3885.00         3885.00 COPPER         453.90         455.80         454.50         455.80 NICKEL         992.60          996.00         989.90         989.90 LEAD         153.75         154.10         153.40         154.00 ZINC         190.85         191.40         191.10         191.40 ALUMINIUM 141.45         141.60         141.35         141.50 NATURALGAS 159.50         160.20         159.50         159.50 FOR MORE UPDATES : C/W 9917008829, 6395643415 www.spidersignals.com (India's First AI Based Calls)