10:30 AM
alphaadvisory
With the US GDP contracting 0.1% in the fourth quarter and the
Federal Reserve's Open Market Committee sticking to asset purchase
programs to the tune of $85 billion a month, gold prices gained. The
futures on MCX is expected to trade positive today, analysts say.
Spot gold prices in Singapore were seen trading at $1,676.90 an ounce at 9:46 a.m subsequent to rising as much as 1.2 percent Wednesday to $1,683.28. The price is the highest since January 4.
“A reevaluation of the U.S. economic recovery combined with a reaffirmation of a highly accommodative monetary policy is gold-bullish,” Howard Wen, an analyst at HSBC Securities (USA) Inc., wrote in a note and was quoted by the Bloomberg as saying.
“The so-called overall trajectory for gold and silver appears higher” Wen added.
Meanwhile, in the futures, Comex gold for delivery on Apr 13 was seen trading at $1680.75 a loss of $0.85 or 0.05%. Silver futures contract for delivery on March 13 was spotted trading at $32.085 an ounce, a loss of $0.092 or 0.29% as of 10.16 AM IST.
To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month—the US Federal Reserve's Open Market Committee said in a statement.
“If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until such improvement is achieved in a context of price stability.”
Spot gold prices in Singapore were seen trading at $1,676.90 an ounce at 9:46 a.m subsequent to rising as much as 1.2 percent Wednesday to $1,683.28. The price is the highest since January 4.
“A reevaluation of the U.S. economic recovery combined with a reaffirmation of a highly accommodative monetary policy is gold-bullish,” Howard Wen, an analyst at HSBC Securities (USA) Inc., wrote in a note and was quoted by the Bloomberg as saying.
“The so-called overall trajectory for gold and silver appears higher” Wen added.
Meanwhile, in the futures, Comex gold for delivery on Apr 13 was seen trading at $1680.75 a loss of $0.85 or 0.05%. Silver futures contract for delivery on March 13 was spotted trading at $32.085 an ounce, a loss of $0.092 or 0.29% as of 10.16 AM IST.
To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month—the US Federal Reserve's Open Market Committee said in a statement.
“If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until such improvement is achieved in a context of price stability.”
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