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.
- Base metals, Crude Oil may trade lower on weak China PMI data; Gold, Silver to be positive
- Spot gold prices increased by 1.58 percent on the back of weak Dollar Index. Further, weak stock markets increased the demand for precious metal as protection of wealth.
- read more
The USDA forecasts 2013/14 Canada rapeseed production at 14.5 million tons, up 9 percent from las..
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.
- MCX Copper negative; investors await data releases
- MCX Natural Gas: Trend unclear, traders await EIA data
- China April Platinum imports strong at 294koz, up by 32% y/y: Barclays
- NCDEX Castor Seed, Potato negative; support 3210, 765
- NCDEX Turmeric, Coriander, Maize positive; further gains expected near term
- Copper slips on China mfg data, await German PMI, US job data