Arab Today, arab today gold steady as investors await eurozone debt deal
Last Updated : GMT 08:12:03
Arab Today, arab today
Arab Today, arab today

Gold steady as investors await eurozone debt deal

Arab Today, arab today

Arab Today, arab today Gold steady as investors await eurozone debt deal

Dubai - Arabstoday

Gold was steady on Monday, after posting its biggest weekly gain since early September, as investors await concrete steps to tackle the eurozone debt crisis that could come out of a European Union summit this weekend.          Finance ministers and central bank governors of the Group of 20 major economies said they expected the October 23 summit to \"decisively address the current challenges through a comprehensive plan\".   Many investors have stayed away from gold given market turbulence in the past few months caused by the deepening eurozone debt crisis, the fight over raising the US debt ceiling and fears that the global economy would plunge into another recession.           Spot gold edged up 0.2 percent to $1,682.39 an ounce by 0320 GMT, after rising around 2.5 percent in the previous week.                US gold GCcv1 inched up 0.1 percent to $1,684.70.          \"Gold has not been showing its safe haven property in the past few weeks,\" said Ong Yi Ling, an analyst at Phillip Futures in Singapore.          \"If we see risk assets continue to rally with concrete steps in Europe in place, gold will have the potential to break the $1,700 resistance.\"          Managed money in US gold futures and options raised their net long positions for the second time in the past 10 weeks in the week ended on Oct 11, data from the US Commodity Futures Trading Commission showed.              Gold bar premiums in Hong Kong eased slightly from last week, as shipments ordered over the past week or so started to arrive.   The buying interest softened as prices have rebounded from the end of September when prices dipped well below $1,600.                \"People are waiting for more information from Europe by the end of the month,\" said a Hong Kong-based dealer. \"The shipments have released the pressure on supply, and the premium has fallen to about $2.\"             A second dealer reported premiums between $2.50 to $3.50 above spot prices, from $3 to $4 last week.               \"On the Asian side, $1,650 is an attractive level for physical buyers,\" he said.       Asian stocks and commodities firmed on hopes of a plan to resolve the Eurozone\'s debt woes, and the euro hovered near a one-month high.          Spot palladium led the precious metals complex, rising 1.8 percent to $631.

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Arab Today, arab today gold steady as investors await eurozone debt deal Arab Today, arab today gold steady as investors await eurozone debt deal

 



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