Gold price set to break three-year losing streak

Gold was set to log its first annual gain in four years, edging higher in the final trading session of the year on Friday as speculators created fresh positions taking positive cues from the global market.  

By Zee Media Bureau | Updated: Dec 30, 2016, 11:34 AM IST
Gold price set to break three-year losing streak

Gold was set to log its first annual gain in four years, edging higher in the final trading session of the year on Friday as speculators created fresh positions taking positive cues from the global market.

At Multi Commodity Exchange (MCX), gold for delivery in February was trading Rs 28, or 0.10 percent higher at Rs 27,590 per 10 grams.

Analysts said, fresh positions created by participants following a better trend in global market as weakness in the dollar raised demand for the precious metal as a safe-haven assets, influenced gold prices at futures trade here.

 

Gold in international markets

 

Globally, spot gold was up 0.1 percent at USD 1,159.36 an ounce, having earlier hit a more than two-week high of USD 1,163.14 an ounce.

The metal rose over one percent in the previous session, its biggest daily percentage gain since late September.

Gold has internationally added more than 9 percent so far this year despite a steep fall in November, following three successive years of losses.

The safe haven asset was poised to register its best weekly gains since early June, having risen about 2.5 percent this week.

However, it is still down nearly one percent in December, and about 12 percent this quarter.