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Gold Rise and fall, Rests on Track for Sixth Weekly Gain

Gold flanked down on last Friday with shareholders alert ahead of US financial data later in the day, but it remained on course for a sixth conventional weekly gain.

gold

ESSENTIALS:

  • Spot gold was trading down approx. 0.2 percent at USD 1,356.06 an ounce by 0106 GMT. Bullion is up around 1 percent so far for this week.
  • US gold drops down 0.3 percent to USD 1,358 an ounce.
  • US private payrolls increased too much expected in June as small businesses ramped up hiring, and more Americans applied for unemployment profits last week, suggesting a rebound in job growth after May’s paltry gains.
  • Great Britain’s division exit from the European Union might be significantly negative for the euro zone, reducing a progress outlook that is previously facing headwinds, the European Central Bank announced in the records of its June 2 meeting, held before the British referendum.
  • From the time when Britain’s June 23 vote to leave the EU, every section of economic data, for instance Friday’s jobs report, arises with a question mark – how much does it reflect national economic growths and how much the short and long-term implications of an economic reordering that may take years to play out?
  • Stakeholders invest the largest amount of the money into US-based funds invested in valuable metals since February, adding 2 billion USD to these funds in the latest week, that data from maintain by Thomson Reuters’ Lipper service showed on Thursday.
  • Asian stocks were steady in early Friday trade with MSCI’s largest index of Asia-Pacific shares outside Japan drops 0.1 percent, while Japan’s Nikkei upward 0.5 percent.
  • The Perth Mint’s deals of gold and silver goods rose in June as investor appetite for safe-haven assets got an improvement succeeding Britain’s surprise vote to leave the European Union.
  • China’s gold investments stood at 58.62 million fine troy grains at the end of June, increase from 58.14 million at the end of May, the central bank announced on Thursday.
  • SPDR Gold Trust, the world’s biggest gold-backed exchange-traded fund, said its holdings down 0.42 percent to 978.29 tonnes on Thursday since 982.44 tonnes on Wednesday.
  • The greatest union in South Africa’s platinum industry announced on Thursday it would be demanding greater wages for its participants when it begins wage talks next week with Anglo American Platinum, Impala and Lonmin.
Filed in: Gold MCX NEWS, MCX India Tags: , , ,

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