Last Updated : 19 November 2012 at 20:15 IST
Middle East tensions, Euro uptick underpinning Gold
Source :Commodity Online
Gold opened higher in Asian trade following the sell-off late last week, with uncertainty in the Middle East driving oil prices higher and dragging bullion along with it.
- Crude Oil likely to trade higher on TransCanada pipeline opening
- Spot gold prices fell around 0.9 percent today taking cues from strength in the DX coupled with mixed global market sentiments. Also, declining trend in SPDR Gold holdings acted as negative factor. In the Indian markets, gold prices declined around 0
- read more
Pakistan exported 203,712 metric tons of basmati rice worth $189.80 million in the July- October ..
By Col. Ajay
As per financial astrology, transit OD Sun in Saturn house is ..
NEW YORK (Commodity Online): Continuing geopolitical tensions in the Middle East and an uptick in the euro back above $1.2750 supported gold in overnight trading ahead of the New York open, traders say.
As of 7:54 a.m. EST, the Comex gold contract was up $9.20 to $1,723.90 an ounce, while December silver was up 29.5 cents to $32.665.
"Gold opened higher in Asian trade following the sell-off late last week, with uncertainty in the Middle East driving oil prices higher and dragging bullion along with it," says Alex Thorndike, senior precious metals and forex trader with MKS Finance.
Israel bombed suspected militant sites in the Gaza Strip as tensions continue to escalate. Nymex January crude was up $1.06 to $87.98 a barrel.
Janet Mirasola, managing director of R.J. O'Brien & Associates, says a number of commodities have steadied as the euro trades above $1.2750. The single European currency was at $1.2764, up from $1.2740 late Friday.
- The conflicting economic and religious views on Speculation and Money
- US Corn, Soybeans stocks to tighten on potential increase in exports
- US Crude Oil near 1 month high amid drop in stockpiles, MCX Crude Oil opens up
- Pulses inflation nosedives: Indians can have a protein rich diet
- Global Aluminium market may witness 275Kt deficit in 2014
- MCX Crude Oil rises tracking US Crude Oil, Copper may fall further