Today, Gold edged up after falling the most in 5-weeks the session before as world wide equities were revived after China cut interest rates and bank reserve requirements to support a flagging economy. But China's move appears to have only boosted equities temporarily, with US stock futures resuming their descent and Asian shares slightly lower. Further losses in equities could switch appetite back to safe-haven assets such as gold.
Fundamental Analysis says that - Spot gold went up 0.4 per-cent at USD 1,144.40 an ounce by 0045 GMT, after losing 1.2 per-cent on yesterday. That was bullion's highest downfall since July 20, and pulled it further away from a recent seven-week high. US gold for December delivery rose 0.5 per-cent to USD 1,143.60 an ounce. China's central bank cut rates of intrests and decreased the amount of reserves banks must hold for the 2nd time in two months, yesterday amid a stuttering economy and a plunging stock market that has sent shockwaves around the globe. Palladium was off 0.3 percent at USD 534.50 an ounce after shifting more than 6 per-cent overnight, its steepest fall since April month 2013.
Yellow metal, mainly used in emissions control systems for trucks, cars and other vehicles, slide to a five-year trough of USD 528.50 and has lost 11 per-cent so far this week. US consumer confidence hit a seven-month high in August and new single-family home sales rebounded in July month, suggesting underlying strength in the economy that could still allow the Federal Reserve to raise interest rates this year.
Fundamental Analysis says that - Spot gold went up 0.4 per-cent at USD 1,144.40 an ounce by 0045 GMT, after losing 1.2 per-cent on yesterday. That was bullion's highest downfall since July 20, and pulled it further away from a recent seven-week high. US gold for December delivery rose 0.5 per-cent to USD 1,143.60 an ounce. China's central bank cut rates of intrests and decreased the amount of reserves banks must hold for the 2nd time in two months, yesterday amid a stuttering economy and a plunging stock market that has sent shockwaves around the globe. Palladium was off 0.3 percent at USD 534.50 an ounce after shifting more than 6 per-cent overnight, its steepest fall since April month 2013.
Yellow metal, mainly used in emissions control systems for trucks, cars and other vehicles, slide to a five-year trough of USD 528.50 and has lost 11 per-cent so far this week. US consumer confidence hit a seven-month high in August and new single-family home sales rebounded in July month, suggesting underlying strength in the economy that could still allow the Federal Reserve to raise interest rates this year.
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