Gold edges up as stocks retreat, oil struggles | Reuters - Firstpost
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Gold edges up as stocks retreat, oil struggles | Reuters

Updated: Jan 20, 2016 07:30 IST

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MANILA Gold edged higher on Wednesday as a further fall in equities and oil burnished bullion's safe-haven draw, although the metal was restricted to narrow ranges.


* Spot gold was up 0.2 percent at $1,088.66 an ounce by 0035 GMT. The metal, while supported by a weaker appetite for risky assets, has faced resistance at around $1,090 with some analysts attributing this to slow Asian physical demand.

* U.S. gold for February delivery was flat at $1,088.70 an ounce.

* The International Monetary Fund cut its global growth forecasts for the third time in less than a year, as new figures from Beijing showed that the Chinese economy grew at its slowest rate in a quarter of a century in 2015.

* Confidence about near-term sales growth among chief executives around the world has fallen to its lowest level in six years as China's economic engine slows and a slump in oil prices signals deep unease about the global outlook.

* The U.S. Mint cut its weekly allocation of American Eagle silver bullion coins to 1 million ounces, just a quarter of the 4 million ounces that were rationed and sold last week.


* Asian shares slipped as a relentless slide in oil prices wiped out an attempted rally on Wall Street and dealt a fresh blow to risk appetite.

* U.S. crude fell to a new low since 2003 at under $28 a barrel after the world's energy watchdog warned the market could "drown in oversupply".

(Reporting by Manolo Serapio Jr.; Editing by Ed Davies)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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