Gold edged up yesterday as a recovery after testing the lowest level in 11 months extended. Safe haven buying was back in action after the Russian ambassador to Turkey was shot and killed as he a gave a speech in an art gallery in the Turkish capital Ankara.
Geopolitical tensions rose further as a truck has rammed into a crowd close to a Christmas market in the German capital Berlin, killing 12 people and injuring around 50 individuals. COMEX Gold ended just above $ 1,140 per ounce though a mild selloff has been witnessed in Asian trades.
MCX Gold February futures ended up 0.35 percent at Rs 27,260 per 10 grams as a rebound above Rs 27K continued.
Meanwhile, the US dollar picked up strength. In a speech at a graduation ceremony at the University of Baltimore, Federal Reserve chair Janet Yellen said the US jobs market was the strongest in nearly a decade and there were indications that wage growth has picked up.
However, Yellen noted that the economy is growing more slowly than in past recoveries and productivity growth, which is a major influence on wages, has been disappointing.
Strong Indian imports data also supported sentiments for Gold. India’s Gold imports soared 26 percent on year in November, coming in around Rs 29,513 crores.
The comparable figure in US $ witnessed a surge of 23 percent to $ 4364 Million. Silver imports slumped 35 percent though, coming in around Rs 1,226 crores. Silver imports in dollar terms dropped 36 percent to $ 181 Million.
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