gold rises on optimism over fed greek debt
Last Updated : GMT 21:59:42
Arab Today, arab today
Arab Today, arab today

Gold rises on optimism over Fed, Greek debt

Arab Today, arab today

Arab Today, arab today Gold rises on optimism over Fed, Greek debt

New York - Arabstoday

Gold prices rose on Wednesday, snapping a three-day losing streak, as hopes for a new US asset-purchase programme and better prospects facing Greece\'s debt deal boosted risk appetite. Gold followed increases in US equities and crude oil after major banks and pension funds threw their weight behind Greece\'s bond swap offer to private creditors, making it increasingly likely that the rescue package will go through. Bullion extended gains after the Wall Street Journal said US Federal Reserve officials were considering a new type of bond-buying program designed to subdue inflation worries. Despite the rise, the metal has lost 6 percent since Wednesday last week, partly due to fears that no monetary easing was imminent. \"The Fed is going to be so busy managing the yield curve and it will forget to conduct sound monetary policy and to mop up this liquidity at some point,\" said Axel Merk, portfolio manager of Merk Funds with US$700m in assets under management. Merk said the possibility of a US asset-purchase program boosted gold\'s inflation-hedge appeal. Moves by the Fed to boost economic growth have eroded its credibility to carry out mandates as a central bank, he said. Spot gold was up 0.6 percent at US$1,684.76 an ounce by 3:35 p.m. EST (2035 GMT). US gold futures for April delivery settled up US$11.80 an ounce at US$1,683.90, with trading volume sharply lower than the previous day and about 20 percent below its 30-day average, preliminary Reuters data showed. Gold tumbled 2 percent in heavy trade on Tuesday, breaching key support at its 200-day moving average, on fears of a chaotic Greek default. A group of banks and funds representing about 40 percent of Greece\'s €206bn (US$270bn) of outstanding debt on Wednesday said they would take part in the deal, joining others that have pledged to accept the offer. \"Gold is up because there is growing evidence that there will not be a hard default in Greece,\" said Bill O\'Neill, partner at commodities investment firm LOGIC Advisors. Despite Tuesday\'s sell-off, open interest in US gold futures lost only 0.2 percent, CME data showed, suggesting some investors could have added new short positions when gold broke below its 200-DMA. Bullion, which has recently followed riskier assets instead of trading as a safe haven, also drew support after data showed U.S. companies increased their hiring in February. The price drop elicited a response from the consumer sector, where buying in China and India has picked up this week, albeit modestly, and holdings of metal in exchange-traded products remain at record highs, reflecting investor demand for gold. \"Although the macro environment is still very gold-supportive, in the nearer term it\'s going to be the physical market and whether that enables prices to consolidate enough so that investment demand can retake the reins,\" Barclays Capital analyst Suki Cooper said. Among other precious metals, silver gained 1.6 percent at US$33.43 an ounce. On Tuesday, it dropped more than 4 percent. Platinum group metals also rebounded after the previous session\'s sharp losses. Platinum added 1.1 percent at US$1,626.99 an ounce and palladium rose 3.1 percent to US$684 an ounce. Impala Platinum\'s Rustenburg mine, hit by a large-scale strike earlier this year, was unaffected by a one-day work stoppage in the world\'s No. 1 platinum producer, South Africa.

arabstoday
arabstoday

GMT 11:50 2017 Tuesday ,21 November

European stocks shrug off Germany's political woes

GMT 03:59 2017 Tuesday ,21 November

Weekly inflation decreases by 0.88%

GMT 23:50 2017 Monday ,20 November

Bahrain Bourse daily trading performance

GMT 14:54 2017 Sunday ,19 November

Bahrain Bourse daily trading performance

GMT 03:16 2017 Saturday ,18 November

Asian markets head for positive end to volatile week

GMT 11:57 2017 Friday ,17 November

US stocks boosted by solid Wal-Mart, Cisco earnings

GMT 06:51 2017 Friday ,17 November

Bahrain Bourse daily trading performance

GMT 03:57 2017 Thursday ,16 November

Stock markets retreat as oil slides
Arab Today, arab today
Arab Today, arab today

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*

gold rises on optimism over fed greek debt gold rises on optimism over fed greek debt

 



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*

gold rises on optimism over fed greek debt gold rises on optimism over fed greek debt

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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