Business Standard

Gold climbs as price drop lures buyers, silver retreats

Gold climbed 0.2% to 1,383.85 dollar an ounce,silver retreats 0.5% to 22.23 dollar an ounce, 27% lower this year.

Related News

 
today advanced, trimming a second monthly decline, as lower prices boosted physical buying of the metal amid an extended drop in holdings in exchange-traded products.

Gold climbed 0.2% to 1,383.85 dollar an ounce, after the falling 1% yesterday as U.S. Economic data backed the case for a cut in monetary stimulus by the Fed.

However, retreated 0.5% to 22.23 dollar an ounce, 27% lower this year. It headed for a fourth monthly loss, the worst run since June.

The U.S. Mint is on pace to sell 62,100 ounces of gold coins in May, 17% more than a year earlier. The agency said yesterday it would resume taking orders for its one-tenth ounce gold coin after suspending sales in April while demand surged after prices tumbled.

Gold has slumped 17% this year as investors slashed holdings in exchange traded funds amid speculation the U.S. Federal Reserve would taper asset purchases that helped bullion cap a 12-year bull run in 2012.

Assets in ETPs dropped 0.2% to 2,154.2 metric tons. The holdings have shrunk 18% in this year, tumbling to the lowest since June 2011, as demand for haven assets declined amid an improving economic outlook.

Data yesterday showed U.S. Consumer confidence climbed to more than five-year high while an index of property values made the biggest 12-month gain since April 2006.

Read more on:   
|

Read More

Asia gold demand to hit quarterly record

Asian gold demand from this April to June will reach a quarterly record as bullion consumers in the region take possession of supply freed up by ...

Quick Links

 

Market News

Adani stocks led the way in Samvat 2070

Ambani brothers, JSPL the bottom three in market-cap growth

Raising the output key to Cairn India's prospects

With crude oil prices benign, increasing oil and gas production is crucial to drive growth

Biocon sees muted quarter, lacks immediate triggers

Reduced exports to West Asia & North Africa, capacity constraints affect sales

Exchanges plan stake sales in depository arms

NSE in talks with investors for offloading stake, BSE considering an IPO; to do so before April

Many listed firms had same auditors for over 10 yrs: IIAS

Proxy advisory body Institutional Investor Advisory Services India (IIAS) has called for periodic rotation of auditors and capping their tenure ...

Back to Top