Gold price heads for biggest weekly fall in 6 months
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Gold price heads for biggest weekly fall in 6 months

Last Updated: Friday, March 21, 2014, 09:18
 
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Gold price heads for biggest weekly fall in 6 months
Singapore: Gold edged up in thin trade on Friday but was on track for its biggest weekly fall since September as the dollar firmed after the U.S. Federal Reserve hinted at an interest rate hike in the first half of 2015.

FUNDAMENTALS

* Spot gold added USD 2.52 an ounce to USD 1,330.41 by 0010 GMT. It briefly rose to a six-month top of USD 1,391.76 on Monday on tensions in Ukraine and concerns about growth in China.

* U.S. gold was steady at USD 1,331.20 an ounce.

* Global tensions and reduced stimulus from the Federal Reserve will keep U.S. stock market gains modest for the rest of 2014, a Reuters poll found.

* U.S. President Barack Obama raised the stakes in an East-West confrontation over Crimea on Thursday by targeting some of Russian President Vladimir Putin`s closest long-time political and business allies with personal sanctions.

* Gold jewellery exports from India edged higher by 1 percent in February to USD 718.36 million from a year earlier, an industry body statement said on Thursday.

* Vermillion, the commodity arm of U.S. private equity group Carlyle Group , started trading a new gold and base metals fund this month as it seeks to rebuild market presence after losing more than half of its capital, people familiar with the matter said on Thursday.

* Anglo American Platinum said it signed a wage agreement with the National Union of Metalworkers of South Africa (NUMSA) on Thursday, ending a six-week strike, with no end in sight to a longer stoppage by another larger union.

* Zimbabwe is considering a proposal for the construction of a platinum refinery from the world No. 2 producer of the precious metal Impala Platinum , the mines minister said on Thursday.

MARKET NEWS

* Asian markets will be hoping for a bounce on Friday after Wall Street shook off concerns about Federal Reserve policy, while a rise in U.S. yields should keep the dollar underpinned near three-week highs.

* The U.S. dollar hovered near a three-week peak against a basket of major currencies early on Friday, but could struggle to extend gains as investors awaited more clarity on the Federal Reserve`s policy path.



Reuters

First Published: Friday, March 21, 2014, 09:16


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