• Home »
  • »
  • MTECHTIPS:-Gold Jumps In Asia, Festive Season Demand To Pick Up In Local Market

MTECHTIPS:-Gold Jumps In Asia, Festive Season Demand To Pick Up In Local Market

MTECHTIPS:-Gold Jumps In Asia, Festive Season Demand To Pick Up In Local Market

Gold edged up in Asia following bargain buying and ideas that the US Fed would go easy on its rate hike promise than expected. Strong US economic data and positive cues from global equities kept the metal under check yesterday after the latest correction from seven week high. The US economy grew at a faster 3.7% annual pace in the second quarter,up from the initial estimate of growth at a 2.3% rate, the Commerce Department said Thursday. Consumer spending, the bedrock of US economic activity, was revised up slightly to 3.1%instead of 2.9%. Businesses increased investment by 3.2% increase of a drop of 0.6%. New applications for US unemployment benefits fell by 6,000 to 271,000 in the seven days ended August 22, the first decline after four straight weekly gains. These data are bound to keep US stocks supported after a very strong pullback in last session. Gold futures on COMEX moved in a tiny range but witnessed some buying under $1120 per ounce mark astra ders eyed the Federal Reserve symposium in Wyoming that began Thursday. There is a strong possibility that the central bank policymakers might provide some cues about the likely stance of the Fed in light of the recent global turmoil as well as the latest uptick in US GDP data. A surge in US stocks also made it difficult for gold for rise much. US stocks closed more than 2% higher in a second straight day of recovery from a recent plunge, with sentiment helped by a rebound in oil and continued signs of strength in the US economy.Across the board gains emerged in the global stocks as traders resorted to bargain buy ligand a bounce in Chinese equities helped calm sentiments. However, oil surged nearly 10% on Thursday and helped gold cushion its losses.

www.mtechtips.com

07489294118-119