Gold Steadies near Three-week High on Softer Equities, China Demand
January 7, 2014 2:52 PM EST
Gold held its ground near a three-week high on Tuesday as weaker equities and robust physical demand in China supported prices, while U.S. gold futures also steadied after unusually sharp movements the session before.
* Spot gold was little changed at $1,237.19 an ounce by 0010 GMT.
* Unusually heavy trading volumes rattled U.S. gold futures on Monday, triggering a brief halt while temporarily sending bullion prices down over $30 an ounce, or about 3 percent. Prices eventually closed flat.
* Hedge funds and money managers broadly raised their net long positions in gold and silver futures and options in the week to December 31, data from the Commodity Futures Trading Commission showed on Monday.
* Indian officials are in talks to cut a record high import duty on gold and relax rules on exports, government sources said, after the measures helped narrow the country's trade deficit and now threaten to encourage smuggling.
* Janet Yellen, a key force behind the Federal Reserve's unprecedented and controversial efforts to boost the U.S. economy, was confirmed by the Senate to lead the central bank just as it begins to unwind that stimulus.
* Asian shares stabilised on Tuesday after four straight days of losses, while the dollar was on the defensive after disappointing U.S. services sector data raised concerns about stuttering growth in the world's largest economy.
Most Popular Slideshows
Join the Conversation
- Nokia Lumia 730 v. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Apple iPhone 6 Plus vs Motorola Droid Turbo: Comparsion On Processor, Software And Battery
- Australia Special Forces Await 'Delayed' Iraqi Visas Before Joining ISIS Fight
- ISIS Has Been Equipped With Advanced Anti-Aircraft Missiles
- Samsung Galaxy Note 4 vs Motorola Droid Turbo – S-Pen Is Note’s 4 USP But Droid Turbo Can Outshine With Larger Battery
- 8 Important Things to Consider Before Buying or Upgrading to iPad Air 2
- Canada’s Official ISIS Mission Starts On Weekend; Kuwait Uneasy