Market Update

Market Watch

Friday, 22 November 2013

Recent Updates on MCX Market: Gold Prices Declines Today in Asia

Gold prices fell in Asia on Friday in a continuation of sentiment that the Federal Reserve will move relatively soon to taper its USD85 billion bond-buying program following upbeat initial jobless claim figures. Global demand for the precious metal fell 21 percent in the third quarter as investors continued to dump holdings through exchange-traded funds and central banks slowed purchases, the World Gold Council said.

Spot gold had risen slightly to $1,245.09 an ounce by 0249 GMT on Friday, after hitting a fresh four and a half month low of $1,236.29 the session before.

Silver rose 0.3 percent at $19.84 an ounce, having touched its lowest since mid-August on Wednesday. Spot platinum rose 0.3 percent to $1,393.99 an ounce, while spot palladium gained 0.7 percent to $713.75 an ounce.

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