Friday, 29 April 2016

GOLD MARKET UPDATE BY RIPPLES

Gold jumped to a seven-week high and silver soared to a 15-month high on Friday, as the dollar remained downbeat after the Bank of Japan surprised markets by standing pat on policy.

Spot gold climbed to as high as $1,280.60 an ounce, its highest since March 11. It pared gains to trade up 0.7 percent at $1,274.41 by 0341 GMT. For the week, the metal is up 3.5 percent in what would be its biggest weekly jump since the week ended Feb 12.

SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 0.19 percent to 804.14 tonnes on Thursday.  

                              Trading Ideas 

Gold trading range for the day is 29111-30015.

Gold gained as the U.S. dollar tumbled against the yen after the Bank of Japan surprised markets by keeping monetary policy steady. 


European Central Bank (ECB) president Mario Draghi defended record low interest rates and explained that Germans have investment options. 


SPDR gold trust holdings gained by 0.19% i.e. 1.49 tonnes to 804.14 tonnes from 802.65 tonnes.

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