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Gold steadies, scraping early gains amid global stocks rally
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- Gold steadies, scraping early gains amid global stocks rally
05/03/2013 05:10:32 PM
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Publish Date05/03/2013 05:10:32 PM
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Gold tiptoed around its opening levels, trimming early Tuesday gains, as improved investor sentiment drove them into riskier assets, amidst a rally in global equities, after the ISM reported a rise in U.S. non-manufacturing activity to its highest level in a year.
Spot gold retreated to $1575.32 an ounce, after reaching a high of $1586.31 earlier today, while it had opened at $1574.31 per ounce and hit a low of $1573.96.
Gold prices rose early Tuesday, on expectations that central banks would sustain super-easy monetary policies this week, which had helped a rally in European Stocks to four-and-a-half-year high, which preceded a rise in U.S. stocks, which saw the Dow Jones Industrial Average hit its highest level ever.
Hopes that stimulus would continue were boosted by comments from Federal Reserve official Janet Yellen late on Monday, and by expectations new economic forecasts in the Eurozone could open the way to looser policy from the European Central Bank.
Successive rounds of quantitative easing and similar monetary stimulus measures have kept liquidity high and interest rates low in the United States, Europe and Japan in recent years, fuelling a rally in gold.
The Institute for Supply Management reported the 38 th successive monthly expansion in the U.S. non-manufacturing sector, which saw the ISM index rise to its highest level since February 2012.
The U.S. dollar regained its footing against other major currencies on Tuesday. The Dollar index rebounded to 82.20, after hitting a low of 81.90 earlier on Tuesday, and a high of 82.22, after having opened at 82.18.
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