Share this article


Gold Prices Escalated!

download (6)

US gold futures rose 0.3 percent to $1,284.80 per ounce. “It looks very optimistic and fundamentally supportive for gold as the overall mood is still very uncertain and the market confidence is still weak on global growth worries,” said Benjamin Lu Jiaxuan, commodities analyst at Singapore-based brokerage firm Phillip Futures.

Gold prices rose on Wednesday on demand for safer investments amid falling equity markets and concerns over the outlook for global economic growth. Spot gold rose 0.1 percent to $1,283.61 an ounce as of 0452 GMT, near a six-month high of $1,284.09 reached on Monday.

Asian shares turned tail on the first trading day of the new year as more disappointing economic data from China, the world’s second-largest economy, darkened the mood and erased early gains in U.S. stock futures. The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) for December fell to 49.7, from 50.2 in November, and followed a raft of soft trade data from the Asian region.

Markets were looking for views from Federal Reserve Chairman Jerome Powell on the US economic outlook and hints about rate hikes in 2019 when he participates in a joint discussion with former Fed chairs Janet Yellen and Ben Bernanke on Friday.

Also looming are a closely-watched survey on US manufacturing due on Thursday, followed by the December payrolls report on Friday. There are expectations that a three-year rate-hiking cycle in the United States has come to a close. Markets currently expect no rate hikes next year.

A halt in interest rate increases would be beneficial for non-interest-bearing bullion. “Trade concerns, Brexit and the US Government shutdown continue to provide support to precious prices, with $1,300 acting as the major top-side resistance for gold,” MKS PAMP Group said in a trade note.

Among the other precious metals, palladium gained 0.08 percent to $1,264.99 per ounce. Silver was down 0.5 percent to $15.36 an ounce while platinum was flat at $791.50.


Jet Airways Chairman Naresh Goyal to Invest Up to Rs 700 Crore in Jet Airways

Jet Airways chairman Naresh Goyal is ready to invest up to Rs 700 crore in Jet Airways on the condition that his stake does not fall below 25%. Goyal’s offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.

Bihar CM Nitish Kumar Ready to Reconcile with RJD

Bihar Chief Minister Nitish Kumar on Tuesday night claimed that he has “lots of love” for Rashtriya Janata Dal (RJD) leader Tejashwi Yadav despite the “harsh words” the latter often uses.

PM Modi Lashes Out At Kerala Government for Sabarimala Mismanagement

In Kollam today for the launch of two projects, PM Modi said: “The CPM government’s conduct on Sabarimala will go down in history as the most shameful action of any government in power… We know CPM government never respected spirituality, religion… but no one thought it would turn so shameful”.

Spat Over Rafale Is On High Gear

In its response to Pune-based activist Vihar Durve who had sought the report from CAG, the country’s auditor said, “The audit is under progress and the report is yet to be finalised. The information cannot be given under Section 8(1)(C) of the RTI Act as the disclosure would cause breach of Parliament”.