Economic news

Gold grows as U.S. figures boost economic concerns

On Wednesday gold rates advanced, following ascending as much as 1 percent during the past session, as frustrating U.S. MF information fanned feelings of trepidation of a sharp worldwide financial log jam and fed wagers of further borrowing cost slices.

goldPhoto: Flickr

Spot gold advanced by 0.2 percent to $1,481.76 per ounce at 0736 GMT. Rates tapped a close to a two-month low of $1,458.50 on Tuesday, before moving as much as 1 percent during the session.

U.S. gold futures were almost flat at $1,488.20 per ounce.

U.S. MF action tumbled to an over 10-year low in September as simmering exchange pressures burdened foreign sales, fanning fears of a financial log jam and raising desires that the U.S. Fed could further facilitate money related approach.

Lower rates of interest lessen the opportunity cost of holding non-yielding gold.

On the technical front, spot gold may merge in a tight range of $1,462-$1,488 per ounce, or skip towards $1,514, as its short downtrend from the Sept. 4 high of $1,557 could have incidentally finished.

Silver edged by 0.3 percent higher to $17.28 per ounce, platinum was firm at $876.65 per ounce while palladium tumbled 0.4 percent to $1,645.49 per ounce.

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