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Gold Set For A Fifth Consecutive Weekly Advance On Losses In Equities

ByICN.com
Published 01/24/2014, 07:16 AM
Updated 07/09/2023, 06:31 AM

Precious-Gold retreated from six-week high on Friday, yet set to end this week on another gain as the metal took advantage of the drop in shares.

The shiny metal soared 2.3 percent yesterday after the fall in equities on worries of a slowdown in China and mixed earnings results.

Data released yesterday showed that China’s manufacturing reported an unexpected contraction in January, raising concerns the world’s second biggest economy may face an ease in growth.

The focus is predicted to remain on U.S. data since it is the key determinant for the pace at which the Fed would scale back stimulus.

A report released yesterday showed that the number of Americans asking for jobless benefits increased by 1,000 to 326,000 in the week ended January 18.

Expectations are in favor of seeing a cut in stimulus by another $10 billion for the second time in six weeks during their upcoming meeting on Jan. 28-29. However, the Fed has referred that the pace of stimulus reduction would depend on the improvement in the economy.

The Fed decided on Dec. 18 to cut $10 billion of its monthly bond purchases to $75 billion starting from January until nothing by the end of 2014.

Meanwhile, the yellow metal is trading around $1258.06 an ounce after hitting a high of $1264.25 and a low of $1256.85. The breach of $1250 give a boost to the metal yet it may face resistance at $1283 levels.

The yellow metal is set to record its fifth consecutive weekly advance, gaining around 4.5 percent throughout this w period.

The U.S. dollar inched up versus a basket of major currencies to hover around 80.58 after hitting a low of 80.50.

Crude oil for March’s delivery climbed to set a new high of $97.68 a barrel, compared to the session’s opening at $97.34.

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