Breaking News

Gold slightly higher on safe-haven buying

CommoditiesMar 18, 2013 08:29PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
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.

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.

Gold slightly higher on safe-haven buying

Related Articles

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.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • 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.

Are you sure you want to delete this chart?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
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.
Continue with Google
Sign up with Email