Gold prices edge higher on safe haven demand

Reading Time: < 1 minute

Gold was trading marginally in green in early trade on Thursday on account of some safe-haven demand for precious metals from jewelers, retailers and investors.
The yellow metal was trading 0.05 per cent, or Rs 16, up at Rs 29346 per 10 gram around 10.30 am (IST), while the white metal silver was up 0.08 per cent, or Rs 35, at Rs 42380 per 1 kg around the same time.
Prices of precious metals climbed to a three-month peak on Wednesday, as political risks posed by-elections in Europe and worries over the US President Donald Trump’s policies stoked safe-haven demand. Spot prices of gold on the NCDEX closed at Rs 29,378 per 10 gram on February 8 against Rs 29,263 per 10 gram on February 7.
For Thursday’s movement, Angel Broking in a research note said, “We expect gold prices to trade in green continuing its positive momentum from the previous trading session as investors remain concerned about the election in France. Besides, uncertain environment can push gold prices higher in the near term.”
Nirmal Bang Commodities said, “We expect prices to trade higher for the day as political risks from elections in Europe and worries over the US President Donald Trump’s policies buoyed safe haven demand for the bullion.”

SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its latest holdings stood at 832.58 tons, up 5.63 tons, from previous business day.
Holdings of the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10410.74 tons, remain unchanged from previous business day.
Share on

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed