spot gold pares losses on shanghai arbitrage buying
Last Updated : GMT 14:10:34
Arab Today, arab today
Arab Today, arab today

Spot gold pares losses on Shanghai arbitrage buying

Arab Today, arab today

Arab Today, arab today Spot gold pares losses on Shanghai arbitrage buying

Shanghai - Arabstoday

Gold pared most of its 1-percent loss on Monday, buoyed by arbitrage trade from participants in the Shanghai market, after a revived risk appetite led investors out of bullion to riskier assets.Spot gold fell as much as 1.1 percent to $1,727.51 an ounce earlier in the day, but has reclaimed most of the lost territory.\"We see strong buying interest from Shanghai after the markets opened there,\" said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.The sharp decline in global spot prices opened up an arbitrage window for Chinese market participants. The popular gold forward contract (T+D) on the Shanghai Gold Exchange opened at 360.75 yuan a gram, or $1,755.76 an ounce. The most-active Shanghai gold futures stood at 362.14 yuan a gram, equivalent to $1,762.53 an ounce.Spot gold stood little changed at $1,744.21 an ounce by 0253 GMT, after two consecutive sessions of losses. US gold edged up 0.3 percent to $1,747. \"There is strong support at $1,720 level, although on the upside gold is still facing some liquidation pressure,\" said Fung, adding that gold is likely to trade sideways between $1,720 and $1,750 in the short term.Technical analysis suggested that gold could rebound to $1,768 an ounce, said Reuters market analyst Wang Tao.Gold rallied to a record high of $1,813.79 last Thursday, as anxious investors fled riskier assets to seek a safe haven in bullion in the aftermath of the US credit downgrade.The panic in the global financial markets has since eased, and some investors returned to the battered stock market to look for bargains. Speculators scaled back their bullish bets in US gold futures and options last week, even as gold hit a record high of $1,813.79 on August 11.The gold market is waiting for US data on Monday that will show changes in investment holdings by hedge funds and institutional investors during the second quarter.Eyes will be on John Paulson, the biggest holder of the SPDR Gold Trust - the world\'s largest gold-backed exchange-traded fund. Holdings of the SPDR Gold Trust dropped 1 percent on the day to 1,260.173 tonnes by August 12, the lowest in a week and half.Spot platinum gained 0.2 percent to $1,796.74 an ounce, extending its winning streak to the fifth consecutive session, its best run since early January. \"The gold-platinum spread has gone from a premium in the middle of last week to a discount of about $50,\" said a Singapore-based trader, \"If and when we get improving sentiment, we should see that discount expanding to maybe $150.\" Ebbing panic in the markets is likely to help other industrial metals, such as silver and palladium, he added.Spot silver edged down 0.2 percent to $38.92. Spot palladium rose 1.6 percent to $754.79, on course for a third day of climb. From / Arabian Business News

arabstoday
arabstoday

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

GMT 15:05 2017 Wednesday ,15 November

Bahrain Bourse daily trading performance

GMT 02:47 2017 Wednesday ,15 November

Asian markets down as fears grow for US tax reform

GMT 19:56 2017 Tuesday ,14 November

Bahrain Bourse daily trading performance
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*

spot gold pares losses on shanghai arbitrage buying spot gold pares losses on shanghai arbitrage buying

 



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*

spot gold pares losses on shanghai arbitrage buying spot gold pares losses on shanghai arbitrage buying

 



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 Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
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 Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
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 Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
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 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

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 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

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