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Gold up as hopes for US stimulus outweigh India demand concerns
by icn.com
Gold was up on Wednesday after falling below $1400 an ounce in the previous session as hopes that U.S. bond-buying program will stay intact overshadowed fears of slowing bullion demand in India, the world`s top gold consumer.
As of (08:53 GMT+3), gold for immediate delivery edged higher 060% or 8.43 points to trade at $ 1405.29 an ounce after opening at $1,99.08, having earlier hit a high of $1,408.18, and a low of $1,397.52.
Comments by Fed officials in recent weeks have fuelled speculation the central scale back its monthly $85 billion bond-buying program sooner than expected.
Investors will be turning their attention to the most awaited nonfarm payrolls report on Friday, as it gives more clues on the health of the world`s largest economy. A stronger data could prompt the U.S. Federal Reserve to end its bullion-friendly bond-buying program earlier than expected.
Among other commodities:
- Silver gained 0.58% to $ 22.62
- Platinum edged up 0.33% to $ 1,497.90
- Palladium inched 0.62% higher to $ 754.70
Investors will closely examine the U.S. economy today with the release of private sector ADP payrolls. Economists have forecasted that the ADP data will show private-sector employers added 170,000 jobs in May, compared with 119,000 in April.
Key figures to be anticipated on Wednesday include the ISM`s U.S. services-sector Purchasing Managers` Index (PMI) for May. But the main attraction will be the Fed`s latest Beige Book; it will give a look at the economy in 12 regional Federal Reserve Bank districts.
The USDIX is currently trading around 82.69 after opening at 82.88, having so far hit a high of 82.91 and a low of 82.66.
The Reserve Bank of India extended imports restriction on banks, which was introduced last month and said that any imports of gold will only be allowed to meet exporters` need of gold jewellery.
The move came after Monday`s data showed gold imports in India jumped to around 162 tons in May from 142.5 tons in April.
Holdings in the SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, fell 0.27 percent to 1,010.45 tons on Tuesday, after rising for the first time in three weeks on Wednesday.
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