Gold is trading near $1,014 level

image Friday morning bullion drifted higher paring a $12 decline from an 18-month high in the previous session as investors sound out the strength of equity markets, whose rally has encouraged buying of riskier and alternative assets.

Spot gold was at $1,014.50 per ounce as of 00:18 GMT, gaining 0.3% from New York’s notional close of $1,011.45. Thursday, bullion hit an 18-month high of $1,023.85.

In spite of some technical indicators suggesting overbought conditions, sentiment remained strong, with many market participants still expecting gold to break through its record high of $1,030.80 an ounce.

The US currency hit its lowest level in nearly a year against the euro on Thursday’s higher stock prices, and mostly positive economic data dampened safe-haven demand for the dollar.

Oil prices eased in seesaw trade on Thursday as US equities fell, again raising concern about the economy and a rebound in energy demand.

US gold futures for December delivery GCZ9 rose by 0.3% reaching $1,016.40 an ounce. The contract fell by $6.70 to settle at $1,013.50 on the COMEX division of the NYMEX on Thursday after hitting a high of $1,025.80.

The SPDR Gold Trust reported its holdings to hover at 1,086.479 tonnes as of September, 17, unchanged from Wednesday.

Thus, the following prices were seen at the metal market at about 0:00 GMT:

Metal Last Change Pct chg Day ago pct MA 30 RSI

Spot gold $1013.65 $2.20 +0.22% +13.00% $860.10 74

Spot silver $17.29 $0.11 +0.64% +44.32% $11.29 78

Spot plat $1334.00 -$1.50 -0.11% -0.78% $1264.58 75

COMEX gold $1014.70 $1.80 +0.18% -0.44% $970.27 74

TOCOM gold 2,984 -19 -0.63% +0.61% 2,918 61

TOCOM plat 3,920 -26 -0.66% +0.64% 3,783 67

TOCOM prices are in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices are in $ per ounce.


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