Gold, silver trade higher in early trade

Gold, silver trade higher in early trade

Shares of big USA banks, which slipped on the less hawkish-than-expected stance on Wednesday, were up between 0.5 and 1.5 per cent in premarket trading. It's trading about 2.4% higher on the week, which would be the highest such gain since the week ended February 3, according to FactSet data.

Following gold, silver ready flared up by ₹ 1,050 to ₹41,350 per kg and weekly-based delivery by ₹ 1,040 to ₹ 41,010 per kg.

The S&P 500 Index lost 0.2 percent to 2,381.38 at 4 p.m.in NY, while the Dow Jones Industrial Average fell 16 points to 20,934.55.

"Momentum players will shift from equities to gold where there is momentum that is now strengthening", said Nichols.

Across emerging markets, where investors had been concerned about faster US hikes and more political upheaval in Europe, MSCI's sector equity index jumped almost 2 per cent - the biggest daily gain since last July. With evidence building that wages and consumer spending are finally slowing, however, money market pricing has pointed to there being little chance of the bank raising rates to cool an economy at a time when political risks to growth are rising.

On Thursday, Hong Kong stocks were up 1.7 percent, Shanghai adding 0.8 percent and Seoul advancing 0.8 percent.

Spot gold hit a ten-day high of $1,228.81 an ounce, after enjoying its biggest daily jump since September.

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"Although bulls have exploited dollar's weakness to elevate gold, gains could be limited in the longer term if the Fed readopts an aggressive stance".

But the dollar struggled to make more progress through the European morning and waned as NY traders arrived at their desks.

The Netherlands were in focus amid a closely watched election, where populist, far-right candidate Geert Wilders (http://www.marketwatch.com/story/who-is-the-dutch-trump-geert-wilders-and-should-investors-be-worried-about-him-2017-03-10) is vying to win the most seats in parliament.

The 10-year yield was at 2.5402 percent in early trade, from its last close of 2.524.

South Korea´s market climbed 0.6 percent, and even Japan´s Nikkei managed a slight rise despite the damage done to exporters by a firmer yen.

But a softening of the joint draft statement's language on trade, removing a rejection of protectionism, speaks to a promised rise in USA tariff barriers which has so far largely been seen as dollar-positive.

The pound hit a two-week high of $1.2373, up 0.6 percent after the Bank of England kept interest rates on hold but gave a handful of hints in voting results and its minutes that it might raise them soon. Brent crude, used to price worldwide oils, fell 6 cents to $51.75 a barrel. It was the eighth drop in the last nine days. The euro rose to $1.0733 from $1.0713, and the British pound rose to $1.2352 from $1.2301.