DAILY COMMODITY MARKET STRATEGY- 6 Apr 2016

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Gold keeps gains on safe-haven demand as stocks tumble

Gold held sharp overnight gains on Wednesday as soft global economic data and a tumble in equities sent investors scurrying towards the safe-haven metal.

FUNDAMENTALS
Spot gold eased 0.2 percent to USD 1,228.30 an ounce by 0040 GMT on profit taking, but retained most of its 1.3 percent gain on Tuesday.

Bullion rose along with other safe-haven assets such as the Japanese yen as economic data out of Europe and the United States prompted a retreat from riskier assets.

German industrial orders unexpectedly dropped in February, while Britain's economy appeared to have slowed since the start of this year according to a closely watched survey.

Gold had posted its biggest quarterly rise in nearly 30 years in the March quarter, rallying 16 percent as expectations faded that the Fed would move to normalize interest rates due to concerns over the global economy. The U.S. central bank raised rates in December for the first time in nearly a decade.

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