Wednesday 28 December 2016

Gold prices trade on firm ground

http://equityresearchlab.com/commodity.php

COMMODITY TIPS|GOLD PRICES TRADE ON FIRM GROUND:-

http://equityresearchlab.com/commodity.phpGold prices are trading on a firm ground even though the dollar gained against the euro, the yen, and the pound. The firming up of the gold prices was helped by weakness in US equities and deadlock over recapitalisation of an Italian bank. It is currently trading at Rs 27,300.

In terms of US macro numbers, metro area home prices increased modestly in October, while consumer confidence data rose to its highest level in 15 years. On the negative side, pending home sales for November contracted by 2.5% on mom basis. For the balance of this week, the trading conditions are likely to remain uneventful given the lack of market participation ahead of the year end.

The Chinese, a major consumer of gold, and a significant buyer of dollars, in the past, told the media in Beijing that there could be trade friction with the US after the appointment of Prof. Navarro, who has been critical of Chinese trade practices as industrial policy advisor. 

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