Moneycontrol
Jan 25, 2016 09:01 AM IST | Source: Reuters

Gold steady near $1,100, equities in focus

Spot gold was little changed at USD 1,098.41 an ounce by 0044 GMT, after gaining around 0.9 percent last week.

Gold steady near $1,100, equities in focus

Gold steadied near a 1-1/2-week peak at just below USD 1,100 an ounce early on Monday, with investors eyeing whether equities will come under renewed pressure and refresh safe-haven demand for bullion.


FUNDAMENTALS


* Spot gold was little changed at USD 1,098.41 an ounce by 0044 GMT, after gaining around 0.9 percent last week.


* The precious metal had benefitted from investor aversion towards risky assets that has hit global stocks and crude oil. It peaked at USD 1,109.20 last week, its loftiest since Jan. 8.


* US gold for February delivery gained 0.2 percent to USD 1,098.50 an ounce.


* Hedge funds and money managers increased their bullish bets in COMEX gold in the week to Jan. 19, and also boosted their bullish bets in silver to the highest in more than two months, US Commodity Futures Trading Commission data showed on Friday.


* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose to 664.17 tonnes on Friday from 662.09 tonnes on Thursday.


* US home resales rebounded strongly in December from a 19-month low and prices surged, indicating the housing market recovery remained intact despite signs of a sharp deceleration in economic growth in recent months.


 MARKET NEWS


* Asian stocks edged higher, with investors relieved after seeing Wall Street rally on Friday on the back of a sharp rise in crude oil prices.

* The dollar weakened but remained well off recent lows as markets started the week on a calmer note, and investors turned their attention to upcoming central bank meetings.

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