Gold prices were firm early on Tuesday as easing Asian stock markets and geopolitical concerns pushed the precious metal closer to one-month highs.
Spot gold climbed 0.1 percent to $1,268.36 an ounce. U.S. gold futures were little changed at $1,267.80 per ounce. According to Reuters technical analyst Wang Tao, spot gold could climb to $1,276 per ounce, as it has broken above a resistance at $1,264.
COMEX gold prices traded in the range of $1225-1270 an ounce while MCX gold futures traded in a range of Rs.28000-29000/10 gms in the past fortnight.
The precious metal held a narrow range the previous day as Chinese markets were closed for a two-day break, according to Sam Laughlin, senior precious metals trader at MKS.
Political tensions have been providing some safe-haven support for gold, OCBC analyst Barnabas Gan.
China Gold International Resources Corp has entered a new financial services agreement with China Gold Finance, which means that the latter has agreed to satisfy the financial needs of co and its units.
The gold trading industry hopes that plans to set up 100 hallmarking centres and the establishment of a precious metal assay and training institute would help guarantee the purity of the metal sold in India.
The material has been provided by InstaForex Company – www.instaforex.com
May 30, 2017 at 09:04AM
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