Skip to main content

LIVE GOLD NEWS UPDATE

For One Day Free Demo 
www.tradelinecommodity.com 
India's No.1 Mcx Tips Provider
Call Whatsapp @:8533828881 /8057046270

https://api.whatsapp.com/send?phone=918057046270 

PRECIOUS-Gold recovers from 4-month low, tracks oil price rally
* Speculators switch to net short in COMEX last week - CFTC
* SPDR gold holdings fall to lowest in over 6 months
*  prices jump 3 percent to highest since Nov (Adds detail, updates prices)
By Sethuraman N R
April 22- Gold inched up on Monday, moving away from a near 4-month trough touched in the previous session, drawing support from a drop in equities and a jump in  prices.Spot gold was up 0.3 percent at $1,278.74 per ounce, as of 0927 GMT, having touched $1,270.63 in the previous session - its lowest since Dec. 27, 2018.Asian shares slipped, weighed down by underperforming Chinese stocks, while oil prices rallied on news the United States is likely to ask all importers of Iranian oil to end their purchases or face sanctions. MKTS/GLOBHigher oil prices are influencing gold, said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares & Stock Brokers."While the intensity of correlation between oil and gold has reduced, buying in one asset class is supporting the other," Trivedi said.
Gold is closely correlated to oil as the metal is often seen as a hedge against oil-led inflation.However, a firmer dollar capped gains for the metal after data showed the United Sates' economic growth might have picked up in the first quarter. USD/U.S. retail sales increased the most in 1-1/2 years in March, the latest indication that economic growth picked up in the first quarter after a false start, data showed on Thursday. disaster over the weekend in Sri Lanka is providing some safe-haven demand besides some interest in physical buying, which is also offering support to gold prices," said Afshin Nabavi, senior vice president at MKS SA.Gold is considered a safe investment during political or economic uncertainties.
Attacks on churches and luxury hotels in Sri Lanka on Sunday killed 290 people and wounded more than 500. the metal is facing strong resistance at $1,280, which is a big barrier. Another reason the market is not rallying is the stronger dollar," Nabavi said.Meanwhile, speculators switched to a net short position in COMEX gold in the week to April 16, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. CFTC/Also, holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, dropped to 751.68 tonnes on Thursday, the lowest levels seen since Oct. 26. GOL/ETF"Gold is hovering between the 100-day exponential moving average around $1,285 and 200-day exponential moving average around $1,275, below this we can look for $,1260," Trivedi of Anand Rathi said.
© Reuters. PRECIOUS-Gold recovers from 4-month low, tracks oil price rally

Comments

Popular posts from this blog

Gold Today Report Gold retreats from 1-month high as dollar firms,. Technical Lab 8650986510 www.mcxanalysis.com

Honest Updates

Oil jumps after Saudis, Russia say supply cut to be extended to March 2018 Oil prices jumped on Monday after the energy ministers of top producers Saudi Arabia and Russia jointly said that an OPEC-led crude production cut would be extended from the middle of this year until March 2018. FOR JOINING OUR SERVICES LOG ON www.honestadvise.com OR CALL @7617537676

Fox Premium Calls

Fox Premium Calls includes All Major Segments of Mcx Trading commodities: Gold, Silver Copper, Nickel, Lead, Zinc, Aluminium, Crude Oil & Natural Gas.Fox Premium Calls Services are Specially Designed For Brokers,High Volume Traders and People Seeking High and Quick Returns in Intraday Trading with Trust and Capital Safety.We Provide Combination of 3 services Bullion, BaseMetals & Energy will be covered in This Package.Daily 3 to 4Trading Tips will be provided Upto 98% Accuracy Level will be maintainedSingle Target & Singal Stoploss And Exit will be provided for All calls If Market is so Much Volatile.We are Providing Services in differernt Calls Ranges All the Calls Have Been Designed Considering the Needs of All Types of Clients Trading in the Diffrent Segment. All the Trades Would Strictly Be with stop-Loss. Clients Can Call Us Any Time to Get any information Regarding the Trades Via sms and Telephone.Traders Looking For Highly Profitable Market Have An Opportunity To Ea...