Gold Steady After Falling In The Previous Session
Bengaluru: Gold was steady early Tuesday after falling in the previous session, with markets assessing whether the latest U.S. jobs data boosted the prospects of an early interest rate hike by the Federal Reserve.
FUNDAMENTALS
Spot gold was little changed at $1,354.60 per ounce by 0039 GMT. It fell 0.8 percent on Monday, its biggest decline in nearly two weeks, to close at $1,354.85.
U.S. gold was also little changed at $1,356 an ounce.
Asian stocks held firm around a 2-1/2-month peak on Tuesday, a day after U.S. shares hit a record high thanks to a combination of upbeat U.S. data and expectations of more stimulus around the world.
Kansas City Federal Reserve President Esther George on Monday said U.S. interest rates are too low and signalled she could be ready to restart her push for rate hikes within the Fed's rate-setting committee.
The sizzling $13.4 trillion U.S. Treasury market cooled a bit on Monday as investors gave a cold shoulder to a $24 billion sale three-year notes, part of $56 billion of new government supply hitting the market this week.
The European Central Bank will not ease monetary policy any further at its meeting next week, according to an overwhelming majority of respondents in a Reuters poll of euro money market traders on Monday.
The European Commission has revised down its forecasts for growth in the euro zone and in Britain after the British vote to leave the European Union, in early estimates unveiled on Monday by the economic affairs commissioner Pierre Moscovici.
A combination of a weaker U.S. dollar, along with a return of Asian demand should continue to support gold prices in the second half of 2016, Citigroup said in a note.
Gold miners expanded the global hedge book by another 50 tonnes in the first quarter after hedging on a net basis for a second straight year in 2015, an industry report showed on Monday.
South Africa's Sibanye Gold SGLJ.J has started talks with unions about cutting jobs at its loss-making Cooke 4 mine though the largest union in the gold sector has vowed to fight any reductions.
Â
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
