Gold futures ends higher on Wednesday - IIFL

Gold futures ended marginally higher Wednesday, on a slightly weak dollar as efforts at reviving talks to end the stalemate in U.S. budget negotiations continued to be in focus. Earlier in the week, lawmakers indicated little hopes of any agreement to resolve the budget crisis with both sides refusing to budge from their stated stand. Any failure of a deal on the U.S. budget will automatically trigger some $600 billion in higher taxes and severe spending cuts beginning January.

Base metals ended marginally higher, however the upside is constrained by deadlock over US fiscal negotiations which has aggravated concern over the future growth prospects of US economy.

Crude oil marched higher towards 91. On price front, oil futures face resistance around US$90/bbl. Oil prices were also supported by some upbeat macroeconomic home prices data from the U.S. and supply concerns of reduced outflow from the Kurdish regions in Iraq.

Source : Equity Bulls

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