You are here: Home » Markets » Commodities » commodity gold
Business Standard

Gold edges higher on bargain hunting after correction

Spot gold was up 0.3 per cent at $1,277.82 an ounce at 1005 GMT

Eric Onstad | Reuters  |  London 

Gold ticked higher on Thursday as some speculators bet that a slide from last month's peak had run its course as they waited for more clues on whether US interest rates would be hiked.   Gold has rowed back about 6 per cent since touching $1,357.54 per ounce in early September, the highest in over a year. “After we managed to find support at the key technical level of $1,268 earlier this week, that attracted some renewed buyers into the market,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.   “Now the market is looking for ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Fri, October 06 2017. 01:43 IST