Gold rose to its highest in more than two years on Wednesday, as investors piled back into the safe-haven asset after the benchmark U.S. government bond yields hit all-time lows amid renewed market jitters over Britain's decision to leave the European Union.
Greece's new government dropped calls for a write-off of its foreign debt and proposed ending a standoff with its official creditors by swapping the debt for growth-linked bonds
Gold hit a six-month low on December 20 ($1,196) as the US Fed took its first step away from the ultra loose monetary policy. The Fed said this week that it is scaling back its massive bond buying scheme, winding down an era of easy money that saw gold rally to an all-time high of $1,920.30 an ounce in 2011.
According to Karvy gold prices are expected to remain higher on the back of the weakness in the dollar index and other asset classes. one can remain on the buying side, says Karvy.
Mecklai graph of the day: The gold prices in the global markets have seen a steep fall since the beginning of this year (2013) from 1690 levels to a shocking 1180 levels, a fall of 22 percent.
China - the second biggest consumer of gold jewellery, bars and coins after India - approved the ETFs last month, giving the go-ahead to HuaAn Asset Management and Guotai Asset Management.
Bernanke on Wednesday said a highly accommodative policy was needed for the foreseeable future as inflation remains low and the employment rate may be overstating the health of the labour market.
Spot gold was down USD 1 at USD 1,234.89 an ounce by 0025 GMT, after gaining 1 percent on Monday as the dollar eased from three-year highs.
Gold inched lower on Thursday, hovering below a 1-week high hit earlier this week, as firm equities sapped interest in the precious metal, which has seen steady outflows on exchange-traded funds.
In an interview to CNBC-TV18, NS Ramaswamy, Head Commodities at Ventura Commodities spoke about recent trends in commodity markets and shared trading strategies on gold and crude.
Angel Commodities has come out with its weekly tracker report on Gold. According to the research firm, during the week gold prices are expected to trade with a positive bias on the back of rise in risk aversion in the global markets.
Geojit Comtrade has come out with its trading strategies on Gold.