" /> Gold Near Eight Month High on Safe Haven Demand | Gold Silver Reports
Wednesday, October 26th, 2016 1:01 PM
Breaking News

Home / Articles / Gold Near Eight Month High on Safe Haven Demand

Gold Near Eight Month High on Safe Haven Demand

Gold Near Eight Month High on Safe Haven DemandGold Silver Reports ~ Gold was holding near 8~month high on Wednesday as risk aversion sent investors to the safe-haven asset amid a tumble in global stock markets and concerns over the global economy.


# Spot gold ticked up 0.2 percent to $1,190.81 an ounce by 0042 GMT. The metal had climbed to $1,200.60 on Monday, the highest since June 2015.

# U.S. goldfutures eased 0.6 percent to $1,191.40 after recent gains. Spot silver rose 0.2 percent to $15.26 an ounce, not far from a three-month high of $15.46 reached on Monday.

#Gold Silver has recently rallied along with other safe-haven assets such as the Japanese yen and U.S. Treasuries.

# Equity markets were hit hard early in the week by worries about the health of the euro zone banking sector, with a very easy monetary policy seen crimping bank profits and consequently their ability to repay debt.

# Asian stocks dipped early on Wednesday amid banking sector concerns, while European shares plunged for a second straight day on Tuesday.

# The dollar nursed losses around 3-1/2-month lows on Wednesday, pressured by the spectre of a global economic slowdown as European banks struggled to fend off growing doubts over their health and as oil prices slipped back.

# A softer greenback makes dollar-denominated gold cheaper for foreign currency holders.

# The price rally in gold has hurt demand from physical buyers of the metal.

# SPDR Gold Trust, the world’s largest gold~backed exchange~traded fund, said its holdings fell 0.21 percent to 702.03 tonnes on Tuesday.

# Gold prices in India slipped to a record discount as traders struggled to draw buyers. Dealers were offering a record discount of up to $25 an ounce.

# Markets will be eyeing Federal Reserve Chair Janet Yellen’s address to the U.S. Congress later in the session for fresh cues. Investors will be looking for clues on the pace at which the U.S. central bank would be increasing interest rates. ~ Neal Bhai Reports

About Neal Bhai

Neal Bhai 9899900589 and 9582247600, We Make Ideas

Check Also

Gold Will Gain in 2017

Gold Silver Reports — Gold Will Gain in 2017 — Gold is set to advance by as much as …

We Make Ideas


Our site is objectively in letter and spirit, based on pure Technical Analysis. All other content(s), viz., International News, Indian Business News, Investment Psychology, Cartoons, Caricatures, etc are all to give additional ambiance and make the reader more enlightening. As the markets are super dynamic by very nature, you are assumed to be exercising discretion and constraint as per your emotional, financial and other resources. This blog will never ever create rumors or have any intention for bad propaganda. We report rumors and hear-say but never create the same. This is for your information and assessment. For more information please read our Risk Disclaimer and Terms of Use.

Technically Yours,

Team GoldSilverReports.com, New Delhi, INDIA