Spot gold regained some ground and platinum group metals returned to positive territory, as bargain hunting lent support, after prices lost about one percent in early trade in response to China's interest rate increase on Saturday.
Spot gold fell to a one-week low of $1,371.1, before recovering to $1,379.35 an ounce by 8:48 p.m. EST, down 0.4 percent from the previous close.
U.S. gold futures pulled back from a 0.4-percent decline to $1,379.9, little changed from the previous close.
"Earlier speculators were selling on China's rate hike news, but a lot of buying has since emerged as speculators are buying on dip," said a Tokyo-based dealer.
Spot gold is technically neutral as it is rangebound between $1,360 and $1,392 per ounce, but the bias seems to be with the bulls, Reuters market analyst Wang Tao said.
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