MTS Help Center

- The global risk off environment continues to benefit gold, perceived as one of the few safe haven assets at present, amid deteriorating confidence towards any type of currency, as the unorthodox QE and negative rate practices from top Central Banks around the globe appear to have unintended consequences. Besides, a broad-based weak USD is another factor underpinning Gold prices.

On the upside, from an hourly perspective, the next key level can be found at $1,215.00 (June 21 2015 highs), followed by $1,230.00 (June 2015 high) ahead of $1,250.00 mid round number. On the downside, $1,200.00 is the first hurdle for sellers, followed by $1,190.00 daily pivot and $1,180.00.

- Gold jumped to the highest level in eight months after Federal Reserve Chair Janet Yellen signaled that the U.S. central bank may delay further interest-rate increases should the turmoil in global markets continue.

Bullion for immediate delivery rallied as much as 1.5 percent to $1,214.64 an ounce, the highest price since May 22, according to Bloomberg generic pricing. The metal traded at $1,209.75 at 8:50 a.m. in Singapore, headed for ninth gain in 10 days.

Gold has surged 14 percent this year as the turmoil sweeping across financial markets stoked demand for haven assets.

- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. Federal Reserve Chairwoman Janet Yellen eased investors' fears about the timing of the next interest rates.

The most active gold contract for April delivery lost 4 U.S. dollars, or 0.33 percent, to settle at 1,194.60 dollars per ounce.

The precious metal was put under pressure as Fed Chair Janet Yellen said that global economic instability could prevent the U.S. from straying from its track of strong growth, but noted that strong employment and wage gains are showing good signs for the U.S. economy.

She hinted that the increases in the Federal Reserve's interest rates would come more gradually than expected, easing investors fears and driving them away from the precious metal's safe haven properties. Analysts noted that normally a delay in the Fed's rate hike would be supportive to gold, but due to the uncertainty, this puts pressure on the precious metal, as it was seen as a positive move for U.S. equities market.

* Market in Japan will be closed in National Foundation Day.

* Markets in China, Taiwan and Vietnam still closed in Spring Festival.

Reference: Xinhua, Reuters, Bloomberg, FXStreet, Investing