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Tuesday 8 November 2016

TODAY GOLD NEWS - 8 Nov 2016

Gold dropped heavily yesterday after witnessing sharp gains last week. Gold prices rose towards a fresh four-week high above $ 1300 levels on Friday as increased uncertainty over the upcoming US presidential election supported sentiment.

US stocks soared after sharp losses last week. With the strong upward move, the major US indices extended a bounce from their lowest closing levels in about four months. The metal is quoting slightly higher in Asia today, currently lingering at $1283 per ounce mark, up 0.3 percent on the day.

MCX Gold futures are likely to see some bargain buying following this after falling more than Rs 400 in last session.

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