News Column

Gold hits 3-1/2 month high on weak shares

July 11, 2014



The move drove India's most-traded August gold contract up as much as three per cent.



Gold rose to its highest since March on Thursday as European shares fell after weak economic data and the dollar remained flat following minutes of the Federal Reserve's June meeting, which gave no sign about the timing of any interest rate rise.







The market gained support from India's decision to keep import duty on gold unchanged at a record 10 per cent in the fiscal budget on Thursday, against expectations for a reduction. The move drove India's most-traded August gold contract up as much as three per cent.







Spot gold rose 1.3 per cent to its highest in 3-1/2 months to $1,345.00 an ounce in earlier trade and was up 1.2 per cent at $1,341.84 by 1018GMT. The rise was aided by a technical break through strong chart resistance at $1,334 an ounce, traders said.







US gold futures for August delivery gained 1.3 per cent to $1,342.20 an ounce, while silver rose as much as two per cent to its highest since March 17 to $21.54 an ounce.







Gold extended earlier gains after European shares drifted lower on weak economic data from Italy and on mounting concern about the financial health of Portugal's largest listed bank.







The dollar was trading close to a one-week low against a basket of currencies.












































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Source: Khaleej Times (United Arab Emirates)


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