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Gold rises above USD 1250

FXStreet (Mumbai) - Gold has extended its early morning gains to trade above USD 1250/Oz levels for the first time since September 11.

Gold is now up 0.63% for the day, after prices recovered from a low of USD 1245.80 hit during the Asian session today. The yellow metal is also buoyed by the demand from India ahead of the auspicious occasion of Diwali. Meanwhile, the US Dollar Index has declined marginally to trade at 84.96 levels. The modest gains in the European equity markets have failed to pressurize gold prices.

Moreover, the fall in the Chinese GDP data release today has aggravated the concerns of a slowdown in the global economy. Consequently, markets are betting that the Federal Reserve(Fed) would delay the first interest rate hike leading to fall in the ten-year and the two-year treasury yields. Gold prices are known to have a inverse relationship with the treasury yields.

Gold Technical levels

Gold prices have taken out 1250 levels, opening doors for 1263 levels. Meanwhile, failure to sustain above 1250 levels can push the metal down to the day’s low of 1245.80 levels.

Brent Crude trades above USD 86.00

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