Spot gold, stretching its previous session gains, advanced towards its seven month high it hit the previous week in tandem with movements in other commodities.
Spot gold prices gained 0.12 percent taking cues from optimism that Spanish measures to reduce its budget deficit may raise prospects that the nation might qualify for the international rescue plan. This led to rise in the risk appetite in the global markets in initial part of trade. Mixed trend in the DX also supported an upside in the gold prices. After the release of lackluster data in the US with consumer sentiment falling and Chicago PMI printing below 50, gold and silver both declined to show losses for the day but still positive for the week and the month.
0 comment(s):
Post a Comment