"I think prices have already been pushed up and we might see reversing of gold prices in one or two days. The yellow metal settled higher in the five previous sessions. "Asia saw mixed interest on Thursday as profit-taking battled against underlying interest," MKS trader Sam Laughlin said in a note. "I would caution that the gold rally has been driven by political news and not necessarily fundamentals. Pressure on Trump deepened after reports that he tried to interfere with a federal investigationGold prices weakened after touching a more than two-week high on Thursday, weighed down by profit-taking amid political turmoil in the United States.
referring to Safe haven gold was trading higher in the morning trade on Thursday supported by the political turmoil in the United States and tempered expectations for an aggressive string of interest rate hikes by the US Fed.Reports showed political pressure deepened on US President Donald Trump after reports that he tried to interfere with a federal investigation.MCX gold was trading 0.28 per cent, or Rs 81, higher at Rs 28,700 per 10 gm, while MCX silver was trading 0.18 per cent, or Rs 69, down at Rs 39,130 per 1 kg around 10.35 am (IST).Brokerage Angel Commodities said, "We expect gold prices to trade higher on Thursday as the US President is under pressure to explain his role in the James Comey episode. Besides, reduced expectation of a rate hike by the US Fed should be a positive factor for gold."Nirmal Bang Commodities said, "We expect gold prices to remain rangebound for the day, buoyed by political uncertainty in the US."SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its latest holdings stood at 851.89 tonnes, unchanged from the previous business day.Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,649 tonnes, remained unchanged from the previous business day.Domestic gold imports will drop back sharply after jumping in the first quarter, the World Gold Council said on Wednesday as the launch of a new tax regime and restrictions on refiners' ability to import gold dore took their toll.
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collected by :Jack Luxor
referring to Safe haven gold was trading higher in the morning trade on Thursday supported by the political turmoil in the United States and tempered expectations for an aggressive string of interest rate hikes by the US Fed.Reports showed political pressure deepened on US President Donald Trump after reports that he tried to interfere with a federal investigation.MCX gold was trading 0.28 per cent, or Rs 81, higher at Rs 28,700 per 10 gm, while MCX silver was trading 0.18 per cent, or Rs 69, down at Rs 39,130 per 1 kg around 10.35 am (IST).Brokerage Angel Commodities said, "We expect gold prices to trade higher on Thursday as the US President is under pressure to explain his role in the James Comey episode. Besides, reduced expectation of a rate hike by the US Fed should be a positive factor for gold."Nirmal Bang Commodities said, "We expect gold prices to remain rangebound for the day, buoyed by political uncertainty in the US."SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its latest holdings stood at 851.89 tonnes, unchanged from the previous business day.Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,649 tonnes, remained unchanged from the previous business day.Domestic gold imports will drop back sharply after jumping in the first quarter, the World Gold Council said on Wednesday as the launch of a new tax regime and restrictions on refiners' ability to import gold dore took their toll.
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Gold holds steady amid US political turmoil
"I think prices have already been pushed up and we might see reversing of gold prices in one or two days. Gold prices had pushed higher amid ongoing safe-haven buying, as geopolitical risks rose, ANZ said in a note. Bengaluru — Gold prices held steady on Thursday after touching a more than two week high, buoyed by political turmoil in the US and tempered expectations for an aggressive string of US interest rate increases. With the spectre of ongoing political uncertainty, gold was likely to remain a sought-after asset, it added. A weaker dollar and falls across equity markets had increased investor appetite substantially.read more visit us gold
collected by :Jack Luxor
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