Arab Today, arab today gold edges up on bargain hunting us dollar weighs
Last Updated : GMT 20:58:07
Arab Today, arab today
Arab Today, arab today

Gold edges up on bargain hunting, US dollar weighs

Arab Today, arab today

Arab Today, arab today Gold edges up on bargain hunting, US dollar weighs

New York - Arabstoday

Gold regained some strength on Wednesday on bargain hunting after prices dropped about 2 percent in the previous session, but a firmer US dollar is likely to cap gains after the Federal Reserve vowed to keep interest rates low until 2014. Investors could still ditch gold in favour of the dollar after Fed Chairman Ben Bernanke offered no clues on whether there will be another round of monetary easing, a factor which effectively reduces bullion\'s safe-haven appeal. Gold added US$1.21 to US$1,675.96 an ounce by 0330 GMT after falling to a low of US$1,661.99 on Tuesday, its weakest since late January. Gold rose to a record of around US$1,920 in September on fears the euro debt crisis could stall global growth. \"Gold is just caught in a downdraft again after Bernanke didn\'t really talk about quantitative easing. But there is still this deep-seated theme of central bank buying and strong retail demand from emerging Asia, particularly China,\" said Nick Trevethan, a senior commodity strategist at ANZ in Singapore. \"The bottom of the market is about US$1,650 at the moment, but we won\'t rule out another stab at resistance at US$1,700. Platinum is now trading at a premium again to gold for the first time since September. That long-standing discount is unprecedented.\" Platinum rose S$10.31 an ounce to US$1,691.74 an ounce. Platinum gained on worries about supply following a month-long stoppage at the world\'s second-largest producer Impala Platinum\'s largest facility, which the company said cost nearly 200,000 ounces in production and would probably cut deliveries in April by as much as 50 percent. US April gold extended losses, falling about 1 percent to US$1,676.40 an ounce, after US economic data boosted investors\' risk appetite, while reduced expectations for further monetary easing by the Fed underpinned the dollar. The Fed said the economy was \"expanding moderately,\" though growth still faced significant downside risks. The assessment of the economy\'s expansion was unchanged from the Fed\'s January statement. Investors are now looking to the Fed\'s policy meetings in April and June for decisions about any new directions for policy. The dollar was broadly firmer on Wednesday, having hit a seven-week high against a basket of major currencies as prospects for further easing by the Fed faded in the wake of more upbeat US data. Data in the United States once again indicated a slowly improving domestic economy, as retail sales recorded their largest gain in five months in February despite rising gasoline prices. \"Gold has been caught in this kind of range for too long. If it continues like this, we will all turn into stones here,\" said a physical dealer in Singapore. \"Personally, I believe the last round of sell down has washed out the long bullish stakeholders, while those who are interested in taking new positions are not doing so because they expect the price to go even lower.\" In equities, the Nikkei climbed to a seven-month high on Wednesday, boosted by Wall Street gains after the Fed upgraded its US economic outlook, while Tokyo blue chips received a further lift from the softer yen.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold edges up on bargain hunting us dollar weighs Arab Today, arab today gold edges up on bargain hunting us dollar weighs

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 20:48 2017 Wednesday ,22 February

Dividend announcements drive Muscat bourse

GMT 16:56 2017 Wednesday ,22 February

Global gold prices drop

GMT 16:01 2017 Wednesday ,22 February

Tadawul edges down 0.2%

GMT 13:22 2017 Wednesday ,22 February

Canadian stock market closes at record high

GMT 11:50 2017 Wednesday ,22 February

Most Asia markets up as Hong Kong rebounds

GMT 20:52 2017 Tuesday ,21 February

Asia stocks consolidate recent gains; China shines

GMT 10:37 2017 Tuesday ,21 February

Most Asia markets up as rally presses ahead
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday