We have updated our privacy policy and terms & conditions. Find out more here.
0
 

Gold slightly higher on safe-haven buying

By Investing.com  |  Commodities  |  Mar 19, 2013 12:28AM GMT  |   Add a Comment
 
AA
+
-
Investing.com - Gold futures are trading modestly higher in the early part of Tuesday’s Asian session as traders continue embracing the yellow metal’s status as a safe-haven investment.

Gold slightly higher on safe-haven buying
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery are up 0.01% at USD1,604.80 per troy ounce in Asian trading Tuesday after settling up 0.81% at USD1,605.50 a troy ounce in U.S. trading on Monday.

Gold futures were likely to test support USD1,590.80 a troy ounce, the earlier low, and resistance at USD1,619.40, the high from Feb. 26.

Traders scampered into gold Monday amid one slack U.S. data point and news that Cyprus, the tiny euro zone nation of just 1 million people, is flirting with bankruptcy and possible departure from the common currency program.

In U.S. economic news, the National Association of Homebuilders said its March Housing Market Index fell to 44 from 46 in February in what is the lowest reading since October. Analysts expected a March reading of 48.

The one-time tax taking aim at Cypriot bank deposit holders as part of a EUR10 billion bailout deal sent the euro falling amid fears unease may grow since smaller depositors will be affected, which sparked a rally in gold markets.

The bank deposit levy was approved last week by the 16 other euro zone members and the International Monetary Fund, but on Sunday Cyprus delayed a vote on the measure. The plan has rankled non-euro zone members, including Russia. Cyprus is home to large Russian bank deposits.

Elsewhere, Comex silver for May delivery added 0.19% to USD28.928 per ounce while copper for May delivery advanced 0.41% to USD3.427 per ounce.


Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Gold gains on geopolitical concerns, Yellen comments
By 
Investing.com
 - Aug 22, 2014
Natural gas dips as tropical weather pressures ease
By 
Investing.com
 - Aug 22, 2014
Crude drops on profit taking, supply concerns
By 
Investing.com
 - Aug 22, 2014

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Gold
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg