1. Gold prices steady near $1,100, equities in focus

Gold prices steady near $1,100, equities in focus

Gold prices steadied near a 1-1/2-week peak at just below $1,100 an ounce early on Monday, with investors eyeing whether equities will come under renewed pressure and refresh safe-haven demand for bullion.

By: | Tokyo | Updated: January 25, 2016 7:51 AM
GOLD

Spot gold was little changed at ,098.41 an ounce by 0044 GMT, after gaining around 0.9 percent last week. (Photo: AP)

Gold prices steadied near a 1-1/2-week peak at just below $1,100 an ounce early on Monday, with investors eyeing whether equities will come under renewed pressure and refresh safe-haven demand for bullion.

Spot gold was little changed at $1,098.41 an ounce by 0044 GMT, after gaining around 0.9 percent last week.

The precious metal had benefitted from investor aversion towards risky assets that has hit global stocks and crude oil. It peaked at $1,109.20 last week, its loftiest since Jan. 8.

U.S. gold for February delivery gained 0.2 percent to $1,098.50 an ounce.

Hedge funds and money managers increased their bullish bets in COMEX gold in the week to Jan. 19, and also boosted their bullish bets in silver to the highest in more than two months, U.S. Commodity Futures Trading Commission data showed on Friday.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose to 664.17 tonnes on Friday from 662.09 tonnes on Thursday.

U.S. home resales rebounded strongly in December from a 19-month low and prices surged, indicating the housing market recovery remained intact despite signs of a sharp deceleration in economic growth in recent months.

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Tags: Gold Prices
  1. S
    Stan
    Jan 25, 2016 at 12:14 pm
    "SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose to 664.17 tonnes on Friday from 662.09 tonnes on Thursday." I noticed you frequently reference GLD's holdings but how reliable are GLD's holding reports? GLD does not give retail investors the right to redeem for any of its mystery physical gold holdings. This fact alone ensures the GLD shares to be nothing more than paper at the end of the day. GLD also has a glaring audit loop in their prospectus that states they have no right to audit subcustodial gold holdings. To this day, I have not heard of a single good reason for the existence of this backdoor to the fund. Some other red flags I've stumbled upon, verified and welcome everyone else to verify for themselves: "The GLD prospectus fails to specify around how much of GLD's gold is insured but it does give you this clause "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." As I wanted clarification on this subject, I called GLD's info line. The GLD representative acted as if he didn't know and said they were just the "marketing agent" for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors. These representatives behind GLD sure doesn't seem to be the most honest types. Anyone share a similar experience? Thoughts?" "I also recall there was a well doented visit by CNBC's Bob Pisani to GLD's vault. This visit was organized by the management behind GLD to prove the existence of GLD's physical. However, the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not show up on the bar list dated at that time. It was later discovered that this "GLD" bar was actually owned by ETF Securities."
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