Gold Silver Reports ~ Gold’s safe have appeal has been restored as US equities started to spiral downwards. Globally, spot gold was up 2.1 percent at $1,234.50 an ounce.
Equities ended 3-day rally on Wall Street as Wal-Mart Stores shares plunged affaecting the retail stocks amid retreating oil prices.
Assets in SPDR Gold Trust, the world’s top gold ETF, rose 0.38 percent to 713.63 tonnes on Thursday. Switzerland’s gold exports fell to a three-month low in January as combined-shipments to China and Hong-Kong slip sharply from the previous month’s highly elevated level.
Fedminutes released a day earlier on Wednesday showed that the committee has been divided about the timing of the tightening. Some members felt that delays could lead to high inflation and others expressed concern that premature rate hikes may pose threat progress in the economy and labour markets. ~ Neal Bhai Reports