Gold prices rise due to fall in US dollar - ZENMoney

Brent Crude prices rose with a more-than-expected fall in US crude stockpiles. The brent prices were futher supported with a weaker dollar along with worries that a geopolitical crisis in the Middle East may worsen. A shut down of Britain's largest oilfield for the second time in less than a week along with a major US refinery prepared to restart this month supported the brent prices further.

Gold Prices rose due to a fall in US dollar against the yen and the euro as investors awaited clues from the US nonfarm payroll data later in the friday on whether the Federal Reserve would wind down its bullion-supporting monetary stimulus. The worries over an overbought U.S. equities market also prompted investors to buy more gold. The downbeat remarks from the ECB President over the euro zone's economic outlook supported the Yellow metal further.

Silver Prices rose tracking the rise in gold prices ahead of US nonfarm payroll data later in the friday. The strengthening Euro againstUSdollar along with aggressive speculative buying at domestic markets supported the White metal further.

Base metal prices fell with comments from a Federal Reserve official which raised concerns over the US federal stimulus programme along with profit booking on the back of disappointing US economic data. Copper prices fell due to concerns about waning demand in Chinawhich offset news of further supply issues. A fall in the dollar prices against basket of currencies supported the metal prices at lower levels.

Source : Equity Bulls

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