Today, Gold ticked up for a 3rd session, buoyed by short covering following a dip in the dollar & soft U.S. manufacturing data.
Spot gold edged up 0.1 per-cent to $1,070.60 an ounce by 0036 GMT, after gaining near 1 per-cent in the previous two sessions.
The weaker USD provided some kind of support for the greenback-denominated gold and an opportunity for investors to cover short positions. Hedge funds & money managers are holding a record net short position in COMEX gold contracts, reports on Monday concluded.
Despite the latest gains, the overview for gold remains bearish due to a looming U.S. rate increment. The Federal Reserve is widely estimated to lift U.S. rates current month for the 1st time in nearly a decade.
Bullion fell to a near-6-year low previous month & posted its highest monthly drop in 2-1/2 years in November as investors believed higher rates could weaken the requirement for non-interest-paying bullion.
Spot gold edged up 0.1 per-cent to $1,070.60 an ounce by 0036 GMT, after gaining near 1 per-cent in the previous two sessions.
The weaker USD provided some kind of support for the greenback-denominated gold and an opportunity for investors to cover short positions. Hedge funds & money managers are holding a record net short position in COMEX gold contracts, reports on Monday concluded.
Despite the latest gains, the overview for gold remains bearish due to a looming U.S. rate increment. The Federal Reserve is widely estimated to lift U.S. rates current month for the 1st time in nearly a decade.
Bullion fell to a near-6-year low previous month & posted its highest monthly drop in 2-1/2 years in November as investors believed higher rates could weaken the requirement for non-interest-paying bullion.
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