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Home » World News

Gold holds gains on weaker dollar, rising stocks cap gains

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Gold holds gains on weaker dollar, rising stocks cap gains
A salesman arranges a gold necklace in a display case inside a jewellery showroom on the occasion of Akshaya Tritiya in Kolkata. Image Source: Reuters
By Reuters
Updated: Wed, Oct 19, 2016
08:32 am
Reuters
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Gold price in India today remains unchanged; 24 karat yellow metal is at Rs 30,401 Gold price in India today remains unchanged; 24 karat yellow metal is at Rs 30,401
Gold price in India today reverses trend; 24 karat yellow metal is at Rs 32,120 Gold price in India today reverses trend; 24 karat yellow metal is at Rs 32,120
Gold price in India today: 24 karat gold tumbles; silver price surges Gold price in India today: 24 karat gold tumbles; silver price surges
Gold in India trades on mixed note as global prices gain over weak dollar Gold in India trades on mixed note as global prices gain over weak dollar
Gold in India rises as global prices up over subdued dollar index Gold in India rises as global prices up over subdued dollar index

Gold prices held on to gains early Wednesday, after rising 0.6 % the session before on a weaker U.S. dollar, but rising equities capped gains. 

FUNDAMENTALS

* Spot gold was up slightly at $1,263.31 an ounce by 0052 GMT.

* U.S. gold futures edged up to $1,264.10 an ounce.

* U.S. consumer prices recorded their biggest gain in five months in September as the cost of gasoline and rents surged, pointing to a steady pickup in inflation that could keep the Federal Reserve on track to raise interest rates in December.

* Global investors have raised cash holdings back to post-Brexit highs and cut bond allocations to 10-month lows, nervous that bond prices are at risk of a destabilising selloff, a Bank of America Merrill Lynch survey showed on Tuesday.

* Fueled by government spending and a housing frenzy, China`s economic growth likely steadied at 6.7 % in the third quarter, but slumping private investment, surging debt and the risk of a property correction are keeping the government and global investors on edge.

* Indian demand for platinum jewellery will grow by double digits next year, and Japanese consumption will stay strong, the head of Platinum Guild International said, with buyers drawn to prices that are off more than 20 % from an August peak.

* Deutsche Bank AG has agreed to pay $38 million to settle U.S. litigation over allegations it illegally conspired with other banks to fix silver prices at the expense of investors, according to court papers filed on Monday.

* Delegates to the annual conference by the London Bullion Market Association (LBMA) expect gold to rebound to well above $1,300 an ounce over the next 12 months.

* India`s crackdown on undisclosed foreign assets and income is curbing demand for gold in the world`s second-biggest consumer, while rising real interest rates and better returns from other financial markets are also hurting purchases, a banker said.

* The dollar index <.DXY>, which measures the greenback against a basket of currencies, was down 0.2 % at 97.663 after touching seven-month highs Monday.

* Asian shares inched ahead on Wednesday after Wall Street got a lift from encouraging corporate earnings and investors wagered a coming barrage of Chinese data would confirm the economy had at least stabilised. [GLOB/MKTS]

(Reporting by Nallur Sethuraman and Apeksha Nair in Bengaluru; Editing by Joseph Radford)

TAGS:
Spot GoldMarketsUS gold futuresEquitiesBrexitDollar IndexAsian sharesplatinum jewellery
Next Article

NEXT STORY: Asian shares firm in countdown to China data

RELATED NEWS
Gold price in India today remains unchanged; 24 karat yellow metal is at Rs 30,401 Gold price in India today remains unchanged; 24 karat yellow metal is at Rs 30,401
Gold price in India today reverses trend; 24 karat yellow metal is at Rs 32,120 Gold price in India today reverses trend; 24 karat yellow metal is at Rs 32,120
Gold price in India today: 24 karat gold tumbles; silver price surges Gold price in India today: 24 karat gold tumbles; silver price surges
Gold in India trades on mixed note as global prices gain over weak dollar Gold in India trades on mixed note as global prices gain over weak dollar
Gold in India rises as global prices up over subdued dollar index Gold in India rises as global prices up over subdued dollar index

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