Wednesday, 20 January 2016

Mcx Market Update On Gold

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Gold edged higher on Wednesday as a further fall in equities and oil burnished bullion's safe-haven draw, although the metal was restricted to narrow ranges.


* Spot gold was up 0.2 percent at $1,088.66 an ounce by 0035 GMT. The metal, while supported by a weaker appetite for risky assets, has faced resistance at around $1,090 with some analysts attributing this to slow Asian physical demand.

* U.S. gold for February delivery was flat at $1,088.70 an ounce.


* Asian shares slipped as a relentless slide in oil prices wiped out an attempted rally on Wall Street and dealt a fresh blow to risk appetite.

* U.S. crude fell to a new low since 2003 at under $28 a barrel after the world's energy watchdog warned the market could "drown in oversupply".

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