Gold was sold at a discount this week in India for the first time in a month as a rebound in local prices prompted jewellers to postpone purchases, while demand improved in top consumer China due to seasonal buying.
MUMBAI/BENGALURU Physical gold demand in India was robust this week as consumers stepped up purchases during the traditional wedding season after domestic rates slipped to a near six-week trough, while gains in global prices weighed on bullion's appeal in other Asian hubs.
MUMBAI/BENGALURU Gold is trading at premium in India for the first time in more than two months on robust demand following a busy festival week, while a dip in global prices earlier this week helped bullion's appeal in some Asian hubs.
MUMBAI/BENGALURU Demand for physical gold gathered steam during a key festival week, shrugging off a recent downtrend going into the traditional busy wedding season, while other major Asian hubs saw limited activity.
BENGALURU Gold came off a one-week low to trade higher on Wednesday as investors sought cover from market volatility and uncertainty surrounding the fallout of U.S. mid-term elections results.
(Corrects 14th paragraph to say holdings fell for third session
on Tuesday, not Monday)
* SPDR holdings fell 0.08 pct to 756.70 tonnes on Tuesday
* Democrats will control House for first time in eight years
* Dollar weakens versus all major peers
By Eileen Soreng and Karen Rodrigues
BENGALURU, Nov 7 Gold came off a one-week low to
trade higher on Wednesday as investors sought cover from market
volatility and uncertainty surrounding the fallout of U.S.
mid-term elections results.
Spot gold was up 0.3 percent at $1,230.26 per ounce,
as of 0752 GMT, having touched its lowest since Nov. 1 at
$1,222.90 earlier in the session.
U.S. gold futures climbed 0.5 percent to $1,232.2
"The spectre of a Democrat-controlled House suggests that we
will see a little bit of risk-off in the market, which should
probably benefit gold in parts," said ANZ analyst Daniel Hynes.
Democrats rode a wave of dissatisfaction with President
Donald Trump to win control of the U.S. House of
The win creates a clear hurdle for Republicans to easily
pass legislation through both chambers of Congress, clouding the
outlook for some of Trump's key economic proposals.
Wall Street stock futures and Asian shares lost steam after
Democrats won, while the dollar weakened against most of its
major counterparts, helping the bullion's appeal among holders
of other currencies.
While the outcome of the elections was broadly in line with
market expectations, a reason markets did not sell off, the
prospect of political gridlock creates some uncertainty for
"In the short- and medium-term, gold will be bullish from
here," said Peter Fung, head of dealing at Wing Fung Precious
Metals in Hong Kong.
Investors also awaited a two-day meeting of the Federal
Reserve starting later in the day to gauge the outlook for U.S.
Fed policymakers are not expected to raise key rates, but
traders are waiting to see whether they offer clues about
possible rate increases in December and in 2019, analysts said.
"The outcome of the U.S. mid-term congressional elections
and a two-day U.S. Federal Reserve meeting will likely keep
trading activities tight for gold prices today," Benjamin Lu, a
commodities analyst with Phillip Futures, said in a note.
Spot gold may break a support at $1,224 per ounce and fall
to the next support at $1,211, according to according to Reuters
technical analyst Wang Tao.
Holdings of the world's largest gold-backed exchange-traded
fund, SPDR Gold Trust , fell for the third straight session
to 756.70 tonnes on Tuesday.
Among other precious metals, silver rose 0.4 percent
to $14.59 per ounce, while palladium was down 0.2 percent
at $1,114.25 per ounce.
Platinum was up 0.2 percent at $869.50 an ounce. In
the previous session, it touched its highest since June 25 at
(Reporting by Eileen Soreng and Karen Rodrigues in Bengaluru,
Editing by Subhranshu Sahu and Sherry Jacob-Phillips)
MUMBAI/BENGALURU Gold demand improved this week in India as prices fell to their lowest level in nearly three months, while demand elsewhere in Asia remained tepid as investors waited for prices to fall further.
LONDON Gold steadied after falling to its lowest in more than six months on Thursday as mounting pressure from a U.S.-driven trade dispute propelled the dollar to near a one-year high and led investors to dump equities.
LONDON Gold prices slumped to three-week lows on Friday as disappointed speculators liquidated long positions despite fresh trade skirmishes between the United States and China.
LONDON Gold hit a two-week high on Thursday as the dollar fell and investors fretted over weak Chinese data and U.S.-China trade frictions, though the precious metal's upside was capped by a slightly more hawkish Federal Reserve.