MANILA (Reuters) - Gold clung to modest overnight gains on Thursday as inflows to the world's top gold-back exchange-traded fund climbed to the highest since September 2014, reflecting optimism bullion can stretch this year's rally.
FUNDAMENTALS
*
Spot gold (XAU=) was little changed at $1,239.40 an ounce by 0027 GMT,
after rising 0.7 percent on Wednesday. The metal hit a one-year high of
$1,260.60 on Feb. 11 as uncertainty in the global economy whetted
investor appetite for safe havens.
* U.S. gold for April delivery (GCcv1) was off 0.1 percent at $1,240.40 an ounce.
*
While gold faces firm resistance at $1,250-$1,260, HSBC said "the
market has built a solid and supportive base above $1,200" and there is
enough risk sentiment and uncertainty to support the metal.
* Gold has gained nearly 17 percent this year to be among the top performing commodities.
* Holdings of SPDR Gold Trust
(GLD), the world's largest gold-backed exchange-traded fund, rose
further to 25.35 million ounces on Wednesday, the most since September
2014. [GOL/ETF]
*
San Francisco Federal Reserve President John Williams said he is not
worried that the global economic slowdown, stock-market sell-off and the
oil price slide since the beginning of the year will knock the U.S.
recovery off its tracks or send the economy into recession.
*
U.S. private employers added 214,000 jobs in February, above
economists' expectations, suggesting solid job growth despite market
turmoil and worries about a slowing global economy.
*
The data comes ahead of Friday's crucial U.S. nonfarm payrolls, which
is forecast to have risen by 190,000 last month after increasing by
151,000 in January, according to a Reuters poll of economists.
(USNFAR=ECI)
* For the top stories on metals and other news, click [TOP/MTL] or [GOL]
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