Futures Market News
Gold futures climb as Indian jewelers manifest protest against tariff
Apr 05, 2012 03:04 PM
The U.S. dollar also lost value, benefiting the price of the yellowish metal, Dow Jones Newswires reports. Jewelers in India, the globe's second-largest consumer of the precious metal, are set to shutter their operations as a demonstration against tariffs applied on imports of bullion, according to Bloomberg.
"You have the release of the U.S. labor report tomorrow so there is some risk over the weekend," consultant Peter Fertig with Quantitative Commodity Research told Reuters. "For some investors (there is) risk and therefore they are closing short positions."
At 9:22 a.m. on Thursday, gold futures increased 0.87 percent, a $14 gain to $1,628.10 per troy ounce.
Earlier this year, India was supplanted by China as the globe's largest importer of the yellowish metal. China hosts the globe's most rapidly developing economy and the second-largest, which trails only that of the U.S.
The record price for gold futures is $1,923.70 per troy ounce as established in early September of last year.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Wealth Empowerment Guide
Learn how to trade commodity futures and options using funds from an IRA or 401(k)!
Is your IRA parked in some mutual fund, going nowhere? Why not take control? Trade futures direct with a broker, trade online, and even invest in a managed account with a Commodity Trading Advisor. We are here to help!
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.