Follow us on Social Sites

PRECIOUS-Gold rises above $1,300, posts biggest weekly gain in 6 months

1 comment

* Gold rises with Wall St despite weak US economic data
* Break above 200-day moving average triggers buying
* Gold ETF reports inflow, investment sentiment rises
* Coming up: US New York State manufacturing index Tues
(Adds comment, second byline, dateline, updates market
ORK/LONDON,
activities) By Frank Tang and Clara Denina NEW Y Feb 14 (Reuters) - Gold rose to a
ce on Friday, gaining 1 percent and notching its biggest we
three-month high above $1,300 an ou nekly gain in six months, as weak U.S. manufacturing output pressured the dollar and lifted
-day moving average, and signs o
bullion's currency-hedge appeal. A technical break-out above tough resistance at its 20 0f recovering investment demand in gold exchange-traded funds, also triggered gold buying, traders said.
certainties and emerging-market jitters. On Friday
Bullion reversed its recent strong inverse link with equities, which had been pressured by economic u, U.S. equities, measured by the S&P 500 index , rose 0.5 percent as investors were willing to add riskier investments by overlooking some soft economic data
licy threatening slow retre
stemming from bad weather. "Risk-on is typically deemed bad for precious metals prices, but the downdraft for the dollar and the steady-as-she-goes Fed p oat from an ultra-easy stance, is boosting demand for gold," said Andrew Wilkinson, chief market analyst at Interactive Brokers LLC.
0.90. It was up around 4 percent for the week, the larges
Spot gold was up 1.2 percent at $1,317.90 an ounce by 2:06 p.m. EST (1906 GMT), after rising to its highest since Nov. 7 at $1,3 2t such gain since mid-August. U.S. gold futures for April delivery settled up $18.50 at $1,318.60 an ounce, up for an eighth straight session
howed. The technical picture has improved o
in the longest winning streak since July 2011. Trading volume was about 10 percent below its 30-day moving average, preliminary Reuters data sver the past few sessions and a move above its 200-day moving average, last seen in August 2012, analysts said. However, some traders noted that the 14-day relative
nning of the year, after a 28 percent drop in 2013, on doubts ov
strength index (RSI) for spot gold jumped to about 74. A reading above 70 is considered to be in overbought territory. Gold has gained nearly 9 percent since the beg ier the U.S. economic recovery and as emerging-market turmoil weighed on some equity markets. Analysts remain cautious over the medium-term outlook for gold, however. Many expect the U.S. economy to recover and the
cked exchange-traded fund, posting its biggest inflow since l
dollar to rally, making the investment case for gold, usually seen as a safe haven in times of trouble, still unattractive. Investor sentiment seems to have improved, with SPDR Gold Trust, the world's largest gold-b aate December, up 7.5 tonnes to 806.35 tonnes on Thursday. Silver climbed to its highest since November at $21.42 an ounce earlier and posted its second straight weekly gain. It was up 4.3 percent for the day at $21.32. Platinum gained 0.8 percent to $1,423.50 an ounce,
412.10 1431.50 9,842 US Pall MAR 737.60 6.50
while palladium climbed 0.6 percent to $733.25 an ounce. SETTLE CHNG CHNG VOL US Gold APR 1318.60 18.50 1.4 1299.90 1321.50 134,486 US Silver MAR 21.421 1.026 5.0 20.445 21.440 66,629 US Plat APR 1430.10 13.50 1.0 10.9 730.00 740.45 5,375 Gold 1317.90 15.60 1.2 1300.35 1320.90 Silver 21.320 0.870 4.3 20.480 21.420 Platinum 1423.50 11.75 0.8 1415.25 1429.50 Palladium 733.25 4.35 0.6 733.30 739.50
Platinum 10,046 10,646 13,326 17.78 -0.15 US
TOTAL MARKET VOLUME 30-D ATM VOLATILITY CURRENT 30D AVG 250D AVG CURRENT CHG US Gold 141,723 172,213 186,052 18.69 0.23 US Silver 82,528 43,600 56,067 26.53 0.36 U S Palladium 6,973 4,042 5,542 19.08 0.56 (Additional reporting by A. Ananthalakshmi in Singapore; Editing by Nick Zieminski; Editing by David Evans and Dale
Hudson)

--
www.mcxoperator.com
+91-8860003368

1 comment :

Join India's Largest Operator Based Advisory in MCX Commodity and Nifty Future
Call +918860003368