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      Precious Metals Preview: Gold near two week high as recovery extends

      MoM Team / Mumbai, May 17, 2017 09:44 AM IST

        Precious Metals Preview: Gold near two week high as recovery extends

        Gold rose for a fifth session yesterday amid upheaval in US political space. Steady buying continued to emerge in the metal after prices tested their two month low.

        Indian demand remains firm. Latest data showed that India's Gold imports surged 211.35 percent to $ 3,853.10 million in April 2017 from $ 1,237.55 million in April 2016.

        COMEX Gold edged up further in Asia as weak equities supported sentiments. The metal is quoting at $ 1,243 per ounce, up 0.6  percent on the day. These are the highest levels in last two weeks for the metal. MCX Gold futures ended arond Rs 28,100 per 10 grams yesterday.

        Meanwhile, the US dollar weakened further today. The greenback is currently quoting at 1.1100 against the Euro- a six month low. The euro area economy grew at a steady pace in the first quarter as initially estimated, flash data from Eurostat showed Tuesday.

        Gross domestic product (GDP) edged up 0.5 percent sequentially, the same pace of growth as seen in the fourth quarter. The rate came in line with preliminary flash estimate published on May 3. On a yearly basis, GDP growth slowed slightly to 1.7 percent from 1.8 percent in the fourth quarter.

        The annual rate also matched initial estimate. The EU28 economy expanded 0.5 percent sequentially and by 2 percent from the prior year in the first quarter. The sequential growth was revised from 0.4 percent and the annual rate from 1.9 percent.

        German economic confidence continued to improve in May, survey data from the Mannheim-based Centre for European Economic Research/ZEW showed Tuesday. The ZEW Indicator of Economic Sentiment rose 1.1 points to 20.6 in May.

        This was the highest score since August 2015. The current conditions index rose 3.8 points to 83.9 points. Taken together, the assessment of the current situation and the economic sentiment show a positive outlook for the German economic growth in the coming six months.


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