Gold held close to a four-month high on Monday as uncertainty in global markets pushed investors towards the safe-haven metal, with holdings in the top bullion fund recording their biggest jump in nearly five years.
A market rout
Gold saw its biggest daily surge in more than a year on Monday, reversing from 2 per cent losses to a one-month high on spillover support from the surging oil market, technical buy signals and potential for increased Indian imports. Silver vault
Gold languished near its lowest level since April 2010 on Thursday as investors dumped the safe-haven metal amid strength in the dollar and equities, with markets now fearing $1,000 an ounce as the next target level.
Gold and silver extended their losing streak to a fourth session on Monday to trade near their lowest in more than four years, with a stronger US dollar and possible technical selling likely to keep them under pressure.
Gold held above $1,200 an ounce on Tuesday, retaining most of its sharp overnight gains following a bout of profit-taking in the dollar, but optimism over the US economy and possibility of higher rates kept investors wary.
Gold tumbled to its lowest level in around 15 months on Monday after better-than-expected US jobs data boosted the dollar, dampening safe-haven appetite for bullion and pushing silver and platinum to multi-year lows.
Gold, which o
Gold fell on Tuesday, as the dollar and European stocks climbed, with the metal set to post its sharpest monthly loss since June 2013 and the first quarterly loss this year on expectations of further gains in the US currency.
Silver's sell-off extended to a second session on Monday, with the metal tumbling to a four-year low, as investors unwound long positions amid strength in the dollar and the possibility of a sooner-than-expected US rate hike.
Trading volumes in the Dubai Gold and Commodities Exchange (DGCX) grew 18 per cent in July from the previous month. It traded 992,061 contracts valued at $29.95 billion during the month.
DGCX Gold Futures traded 39,536 contracts in July
Dubai's Gold and Commodities Exchange (DGCX) could launch a spot silver contract after its first spot gold contract is offered this quarter, the head of the bourse's marketing and communications said on Tuesday (July 8).