Gold edged lower on Friday,
but was not far off a 13-month peak reached in the prior session when a weaker
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Market Outlook:-
- Spot gold was down 0.3 percent at $1,259.50 an ounce by 0210 GMT, after rallying nearly 2 percent on Thursday when it hit $1,267.06, its strongest since Feb. 6, 2015. It has gained 3 percent for the week.
- U.S. gold for April delivery rose 0.2 percent to $1,260.50 an ounce.
- World stock markets touched a two-month high on Thursday, fueled by gains in emerging markets and a late rally on Wall Street, as concerns about global growth abated and commodities prices extended their recovery.
- Oil futures rose in Asian trade on Friday, buoyed by renewed optimism prices may have bottomed out after official U.S. data showed oil production fell to its lowest level since November 2014.
- Markets are rallying because the budget was good - fiscal deficit commitments were adhered to and there was no tinkering on the capital gains tax structure," said Varun Khandelwal, a director at advisory services provider Bullero Capital.
- Silver was up 1.4 percent at $15.13 an ounce, while platinum was up 1.5 percent at $945.50 an ounce and palladium was up 4.2 percent at $536.75 an ounce.
- Shares on major equity markets worldwide touched two-month highs as concerns eased about global growth. The U.S. dollar fell 0.7 percent against a basket of major currencies, on track for its biggest one-day drop in a month.
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