Gold rises on safe-haven demand, equity rebound caps gains-
Gold inched higher on Thursday as global growth worries and volatility in stock markets boosted demand for the safe-haven metal, but gains were capped by a sharp rebound in equities.
Spot gold XAU= was up 0.1 percent at $1,268.21 per ounce as of 0823 GMT, after hitting its highest since June 19 at $1,279.06 in the previous session.
U.S. gold futures GCv1 fell 0.2 percent to $1,271 per ounce.
“Gold prices are primarily getting support on the back of safe-haven buying due to concerns about the health of the global economy and heightened volatility in risk assets,” said Sugandha Sachdeva, vice president of metals, energy and currency research at Religare Broking Ltd.
However, upbeat U.S. data and signs of easing trade tensions between Washington and Beijing limited demand for the metal.
Robust sales during the U.S. holiday shopping season indicated consumer confidence was not entirely dented by recent volatility in the U.S. stock markets, while media reports that a U.S. trade team will travel to Beijing to hold talks with Chinese officials soothed investor nerves. shares gained in line with a jump on Wall Street with the Dow Jones Industrial Average .DJI rocketing more than 1,000 points for the first time on Wednesday. MKTS/GLOB
REGARDS
TECHNICAL DEPARTMENT
TRADEMAX INDIA
CONTACT-
www.trademaxindia.com
https://api.whatsapp.com/send?phone=918077694218