Gold slips 2% after strongest week in four years as stocks rebound

Gold fell more than 2 per cent on Monday as a rebound in stock markets pointed to a sharper appetite for risk, pulling down prices further from last week’s one-year high.

The metal is coming off its strongest weekly rise in more than four years, having peaked at $1,260.60 an ounce on Thursday, its highest since February 6 last year, as turmoil in global equities stoked safe-haven demand for the metal.

Spot gold was down 2.2 per cent at $1,209.50 an ounce at 1023 GMT, while US gold futures for April delivery were down 2.3 per cent or $28.80 an ounce at $1,210.80.

Gold was also pressured as Chinese markets re-opened after the Lunar New Year holiday with the metal around $60 an ounce above than it ended on Feb. 5, prompting some buyers to cash in gains.

Silver was down 2.6 per cent at $15.30 an ounce, while platinum was down 1.4 per cent at $937.76 an ounce and palladium was down 0.6 per cent at $517.60 an ounce.

For more information ✆ – 0731-6642300 or Visit http://ift.tt/1k8NnLH

Stock Tips

Nifty Futures Tips

Forex Tips

MCX Tips

Stock Futures Tips

Connect with our social media sites 

Facebook

Twitter

YouTube

Pinterest

Linkedin

Google+

Posted in: Indian Market Tips