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Gold Moves up on Equity Market Shocks

Jan 05, 2016

Gold prices moved up slightly on Monday registering a rise of 2.1% to end trading at USD 1,077 levels as investors moved away from riskier volatile equity markets. The end of day price was marginally below  the day’s high of USD 1,083.

The movement was triggered by the crisis in the Chinese market where data showed that the manufacturing sector remained sluggish,  leading to massive sales of shares. Trading was halted at the .Shanghai Stock Exchange as the index fell by 7%. The Chinese news had a cascading effect across global markets with major selling widely seen.

Earlier renewed tensions in the Middle East, following the Saudi government’s execution of  47 convicted persons, had also boosted investor interest in the yellow metal.

In India too, gold moved up by about 2% in reaction to the terror attack at Pathankot to reach a two month high of Rs. 25,900.

The rise came soon after gold ended 2015 with a drop of 10%, the third consecutive year of decline.

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