Gold crosses 29000 mark
Gold prices crossed the 29000 mark with a Rs 330 surge to touch a one
high of Rs 29030 per 10 grams with the uptrend in the global bullion
market.
As per the bullion traders, there is an uptrend in the gold market
globally as it is considered to be a better alternate given that the
dollar registered weakness in trade lately.
Globally, gold rose 0.43% to $ 1,185.90 in Singapore.
Increased demand in local spot market has also supported this up move, they added.
Gold usually shows negative correlation with stock market movement.
However, today it joined other indices which is an uncommon phenomenon,
indicating that investors are showing confidence in bullions as well
when global equities are trending higher.
The year 2017 is expected to a year where the commodities gain in prices.
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