MANTHANTIPS:- Gold ticks up, as global stocks near 1-year high amid search for yield
Gold ticked up in quiet trade, as equities worldwide hit their highest level in almost a year dampening the precious metal’s appeal as a safe-haven asset while investors engaged in a search for higher dividends amid a continuing rout in global bond yields. On the Comex division of the New York Mercantile Exchange, Gold for December delivery traded between $1,336.10 and $1,348.45 an ounce before settling at $1,346, up 5.65 or 0.41% on the session. Although Gold has retreated from two-year highs reached in early-July, the precious metal still remains fractionally below its level on July 6 when it hit a 28-month high at $1,374.90. Since opening the year around $1,075 an ounce, Gold has soared approximately 25% year to date and is on pace for one of its strongest years in a decade. Gold likely gained support at $1,337.50, the low from July 20 and was met with resistance at $1,391.40, the high from March 14, 2014. Fueled by gains among Health Care and Technology stocks on Tuesday, theNASDAQ Composite index and the S&P 500 Composite index ticked higher to reach fresh all-time intraday highs. Over the last six weeks, the NASDAQ has staged an improbable rebound driven by a 23% rally in the iShares IBB Biotechnology ETF. The S&P 500, meanwhile, has lingered in record territory throughout the summer in broad risk-on trade, while government bond yields hover near record-lows.