Markets

Gold climbs back on bargain hunting

Gold prices recovered in Asian trade Monday mainly on bargain hunting while euro's gains also helped the bullion.

Gold for immediate delivery was seen trading at $ 1192.48 an ounce at 12.00 noon Singapore time while US gold futures for August delivery was at $1,192.2 an ounce after settling nearly $8 lower on Friday following the European stress tests.

Meanwhile, the world's largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings were unchanged at 1,302.046 metric tons.

The holdings hit a record at 1,320.436 metric tons on June 29. U.S. gold futures for August delivery added $4.4 to $1,192.2 an ounce after settling nearly $8 lower following the European stress tests.

Equity markets in Asia surged Monday as solid U.S. corporate earnings and strong euro zone data offset growing skepticism the stress tests were not strict enough.

Seven of 91 banks failed the stress test of possible losses in sovereign debt holding, including ones in Greece and Spain, for an overall capital shortfall of $3.5 billion euros.

Platinum rose to its strongest in nearly a month on fund buying driven by gains in equities.

On Friday, September gold fell $7.80 to settle at $1,187.80 per fine ounce on the Comex division of the New York Mercantile Exchange.

September silver fell 1.9 cents to settle at $18.101 per ounce. Copper for September delivery settled 2.05 cents higher at $3.185 per pound.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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