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Gold inches up, set for 3rd straight weekly gain

goldGold edged up in early trade on Friday after registering its biggest one-day fall in over three weeks in the previous session, supported by a weaker dollar, and was still headed for a third straight weekly gain.


FUNDAMENTALS

* Spot gold was up 0.2 percent at $1,281.30 an ounce at 0107 GMT. Bullion, which has risen 0.7 percent this week so far, fell one percent on Thursday to notch up its biggest one-day loss since May 24.

* U.S. gold fell one percent to $1,285

* On a topsy-turvy Thursday, the safe haven asset breached the $1,300 level and hit a peak of $1,315.55 to touch a near two year high before turning one percent lower following the suspension of campaigning for next week’s Brexit referendum in Britain.

* A British member of parliament was shot dead in the street on Thursday, causing deep shock across the country and the suspension of campaigning for referendum on the country’s EU membership.

* The yen held at multi-year highs against the dollar and euro early on Friday, having surged across the board after the Bank of Japan refrained from adding fresh stimulus while sterling staged a rebound in a volatile session.

* Federal Reserve Chair Janet Yellen will appear before lawmakers in the House of Representatives on Wednesday to discuss monetary policy and the state of the economy, officials said.

* Glencore is planning to sell its option in a gold mine owned by Falco Resources, two sources familiar with the situation said on Thursday, as the mining group and commodities trader presses ahead with asset sales.

* Asian physical gold demand remained subdued this week as the metal rallied to its highest in nearly two years, with discounts in India widening the most in 3-1/2 months as consumers shied away from making new purchases.

* Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.20 percent to 902.53 tonnes on Thursday, the highest since October 2013.



Source: Reuters

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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