×
168
Fashion Jobs
FREELANCER PRATIK PARIKH
Opening in Leading Life Insurance Company/ Area Business Manager
Permanent · Gandhinagar
MANISHMEDI INNOVATION
Area Sales Manager
Permanent · Hyderabad
OJB HERBALS
Area Sales Manager
Permanent · Ranchi
LIVE BIOTECH PRIVATE LIMITED
Area Sales Manager, Regional Sales Manager, Zsm
Permanent · Chennai
KM ELECTRONIC CABLES PVT. LTD
Area Sales Manager - Vijayawada
Permanent · Chennai
CTA APPARELS PVT. LTD
Opening For Merchandising Manager- Noida(Garment Export)
Permanent · Noida
CTA APPARELS PVT. LTD
Opening For Merchandising Manager- Noida(Garment Export)
Permanent · Noida
STAR UNION DAI ICHI LIFE INSURANCE (SUD LIFE)
Hiring- Area Manager - Bancassurance- Kolkata Metro
Permanent · Kolkata
NIKKO & CO.
Area Sales Manager /Sales Officers(5-10 Yrs Into Fmcg)
Permanent · Karimnagar
FUTURE GENERALI
Opening For Area Manager in Bangalore With Future Generali li
Permanent · Bengaluru
INFEXN LABORATORIES PRIVATE LIMITED
Area Sales Manager
Permanent · Mumbai
LENSKART
Area Operations Manager
Permanent · Chennai
ADECCO INDIA PRIVATE LIMITED
Job Opening For Area Sales Manager Role For Mnc Company
Permanent · Bengaluru
DR LAL PATHLABS
Area Sales Manager -Chandigarh
Permanent · Chandigarh
JOB INDIA
Regional Manager Sales (Backend Operations)Garments - Gurgaon
Permanent · Faridabad
HERITAGE NUTRIVET LIMITED
Cattle Feed - Area Sales Manager - Salem Location
Permanent · Salem
THINK FIRST DIGITAL
Hiring For Event Production Manager - Mumbai
Permanent · Mumbai
LUPIN
Opportunity For Area Manager - Mass Marketing - Lupin Ltd
Permanent · Pune
SOBHA
Manager - Sales at Sobha Nesara, Kothrud - Pune
Permanent · Pune
MIDAS HYGIENE INDUSTRIES PRIVATE LIMITED
Area Sales Manager - Punjab
Permanent · Jalandhar
PETPOOJA
Area Sales Manager || Software Sales (Pos) || Petpooja
Permanent · Navi Mumbai
FLEETX
Assistant Area Sales Manager/ Area Sales Manager
Permanent · Haldia
By
Reuters
Published
Sep 9, 2010
Reading time
3 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Gold steadies after recovering from US data knock

By
Reuters
Published
Sep 9, 2010

LONDON, Sept 9 (Reuters) - Gold was little changed within sight of its recent all-time highs on Thursday, recovering from an earlier drop on upbeat U.S. labour data as investors remained unconvinced of the resilience of the world's largest economy. Gold has risen by some 15 percent in 2010 as economic uncertainty has unleashed a wave of investment in perceived safe-haven assets.


Gold market in Dubai

Spot gold XAU= was bid at $1,254.40 an ounce at 1437 GMT from $1,254.50 late in New York on Wednesday and less than 1 percent below June's record high at $1,264.90 an ounce. Earlier it fell to $1,250.30 an ounce.

U.S. gold futures for December delivery GCZ0 were last down $1.5 at $1,256.00 an ounce.

In Europe, equities rose and government bond prices fell on the back of the U.S. data and on Ireland's decision to wind down lender Anglo Irish Bank in the coming weeks, which boosted investor risk appetite.

"(Gold) got a bit of a lift from concern over sovereign debt and European banks earlier in the week, but that has faded and it's tough to find -- although the general climate, you could argue is positive -- ... to find a near-term catalyst to keep propelling the market higher and probably one of the reasons that we haven't hit new highs," said James Steel, an analyst for HSBC in New York.

GROWTH RISK

However, the risk of slower global growth remained in the background, and analysts said gold looked unlikely to shed its appeal as a safe-haven investment any time soon. "We are still in a situation where confidence ebbs and flows
pretty rapidly from day to day, and sometimes from hour to hour, and morning to afternoon as the data comes in and changes people's opinions," said Credit Suisse analyst Tom Kendall.

"The rally has done a lot, and it is looking a little tired right now, so we wouldn't be surprised to see it consolidate, or come off a bit before trying again," he said, adding gold was likely to trade through $1,300 through the end of this year.
U.S. weekly initial jobless claims fell to a two-month low last week, while the trade deficit narrowed by more than expected in July.

Gold hit its high in June as concern over the impact of the European sovereign debt crisis and as the U.S. economic recovery came into question.

The U.S. economy has shown "widespread signs" of slowing over recent weeks, the Federal Reserve said on Wednesday in a report, suggesting that while the recovery has been faltering, the economy may skirt a second recession.

"Sentiment is waning and rising; it's like a tide," a trader said. "I'm not sure where it's going to end. Guess we need to see a few more data points." In fundamental news for gold, the South African statistics office said gold output fell 3.4 percent in volume terms, while total mineral production fell 1.0 percent in July.

Gold output has been dwindling in South Africa, which is expected to drop in the rankings to the world's fifth-largest producer this year from fourth in 2009, according to Reuters data.

In other precious metals, silver XAG= was bid at $19.99 an ounce, against $19.88 on Wednesday when it hit its highest level since early 2008, as investors sought a cheaper safe-haven alternative to gold.

In the platinum group metals, traders kept an eye on developments at South African miner Northam Platinum, where union members are currently on strike and say action may continue for months.

Platinum XPT= was last quoted at $1,558.00 an ounce, compared with $1,554.00 the day before, while palladium XPD= was at $525.50 compared with $522.00 on Wednesday.

(Additional reporting by Pratima Desai; Editing by Jane Baird)

© Thomson Reuters 2022 All rights reserved.