Gold Prices rose on disappointing US data - ZENMoney

Gold prices rose as disappointing US data dimmed hopes for a swift economic recovery, which hinted that a recent spike in interest rates, in anticipation of the US Federal Reserve scaling back its massive bond purchases as early as next month.Acontinous fall in US equities supported the Yellow metal's rise further. A record low in the Indian rupee lifted Indian gold futures above the closely watched 30,000-rupee mark.

Silver Prices rose as upbeat global economic data fanned hopes for higher demand for the metal and pushed bearish investors to cash out. A brief fall in dollar against the euro after slightly less optimistic August US consumers data supported the base metal further.

In Base metals, Copper prices rose on expectations that a global economic recovery would increase demand for industrial metals. Improvement in Europe and elsewhere undercut the perceived relative strength of the US economy, putting some pressure on the dollar. A brief fall in dollar against the euro after slightly less optimistic August US consumers data supported the base metal further.

Source : Equity Bulls

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