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Spot gold increased to $1,691 in early trade at Singapore and gold futures for delivery in February quoted higher at $1,690.40.

21 Jan 2013

NEW YORK(Commodity Online): US Gold futures for February delivery closed at $1687 per ounce while silver outperformed the yellow metal having reached the highest levels at 31.93 but both metals aren’t providing any clues about its behaviour-whether it is trading as a safe haven asset or risk asset.

On expectation of further stimulus measures and US debt ceiling talks, gold advanced to a one-month high on Friday.

The price of gold in the global markets headed towards $1,700 this week. In India’s Multi Commodity Exchange, gold movement is showing sideways to negative trend trading below 20 day average of Rs 30820.50/10 gram levels.

Spot gold increased to $1,691 in early trade at Singapore and gold futures for delivery in February quoted higher at $1,690.40.

“This week brings into focus the BOJ meeting, the euro- zone finance ministers’ meeting, and U.S. debt-ceiling negotiations, all of which could potentially be bullish for gold,” said Feng Liang, an analyst at GF Futures Co., a unit of China’s third-biggest listed brokerage in a Bloomberg Report.

Goldman Sachs Group Inc. expects gold to climb toward $1,825 over the next three months as U.S. lawmakers attempt to tackle the debt ceiling amid slowing growth, while restating a forecast for weaker prices in the second half of 2013 as the world’s largest economy rebounds.


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