LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » World News

Gold recoups previous week's losses as dollar eases

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Oct 10, 2017
10:22 am
Reuters
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Gold prices rose on Monday, erasing all of the previous week`s losses, as a weaker dollar and the resilience of a key chart level removed some downward pressure, while the return of Chinese buyers to the market also lent support.

Prices bounced after falling for a fourth week to a two-month low on Friday, following an upbeat reading of U.S. wage growth and unemployment that supported expectations for a U.S. interest rate hike in December, pushing the dollar and Treasury yields higher.

Gold`s resilience above its 200-day moving average at $1,253 an ounce also provided some technical support. Meanwhile, the dollar fell below a 10-week high, while geopolitical concerns centred on North Korea and Spain supported gold prices.

Spot gold was up 0.6 percent at $1,283.16 an ounce by 2:33 p.m. EDT (1833 GMT), while U.S. gold futures for December delivery settled up 0.8 percent at $1,285.

"I think it`s mostly technical in nature," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management, adding that geopolitical concerns remain and are also supportive.

Republican U.S. Senator Bob Corker warned in an interview with the New York Times on Sunday that President Donald Trump risked setting the nation "on the path to World War Three" with reckless threats towards other countries.

Following data late Friday that showed speculators cut their bullish stance in COMEX gold and silver contracts for the third straight week, in the week to Oct. 3, Haworth said there was room for them to take new long positions.

"For the time being, gold may have bottomed out," ABN Amro analyst Georgette Boele said. "On Friday people were very reluctant to buy dollars, even though there were enough signals to do so ... and the dollar has come under some pressure again, which is being reflected currently in gold."

Expectations for a Fed rate hike, Boele added, are still providing some headwinds to gold, which, as a non-yielding asset, tends to suffer as interest rates rise.

China`s central bank held off from adding to gold reserves for an 11th straight month in September, data showed on Monday.

On the physical markets, Chinese buyers returned after the Golden Week holiday, another potentially supportive factor for gold.

Among other metals, silver was up 0.7 percent at $16.89 an ounce, while platinum was up 0.3 percent at $915.75 an ounce and palladium was 0.8 percent higher at $927.50.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

Budget 2021: Big announcement? PM-KISAN samman nidhi yojana scheme list benefits may be hiked from Rs 6,000 to Rs 10,000

Stocks in Focus on January 22: Indigo Paints IPO, Biocon, Indian Energy Exchange, InfoEdge to Asian Paints; here are the 5 Newsmakers of the Day

Gold Price Today 21 January 2021 – Gold gains by Rs 200 in morning trade, Silver price stronger by Rs 740; Expert recommends BUY!

Anil Singhvi’s Strategy January 22: Day support zone on Nifty is 14,475-14,525 & Bank Nifty is 31,900-32,000

HISTORIC! Sensex at WHOPPING 50,000-pt all-time high! Know journey from 100-pt level with Anil SInghvi

PUBG Mobile India: Banned, but it still can be played here! Know what is happening

RUSH! Book your LPG gas cylinder almost free from HP, Indane and Bharat Gas - check out this Paytm offer for you

Will Nifty correct from here? India bull-bear index at 15-year high, says CLSA

CBSE exam 2021 date news: FAKE exposed! IMPORTANT message for Students, government issues alert, do not fall for this rumour - FACT CHECK

Assam's Tezpur University 18th Convocation: PM Narendra Modi to address students today

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved