Gold
On
Thursday, yellow metal lost bite as Gold pulled back after fears that
Greece may be pushed out of the euro, and China’s stock market
rout, ebbed, dimming the safe haven appeal of the bullion.Grexit
fears waned as Greece submitted a fresh reform package that included
spending cuts including those on pensions, and sales tax hikes,
similar to those demanded by the country’s creditors aimed at
winning new European bailout aid. Greece also proposed a debt
restructuring proposal and a growth package of 35 billion euro.The
proposal will need a Greek Parliamentary vote due on Friday, while
Greece’s request for fresh rescue aid will be discussed at an EU
summit on Sunday.
However,
speculation that the Fed may push back tightening rates for the first
time since 2006 amid a spike in weekly jobless claims bolstered
Gold’s appeal as a store of value, trimming losses in the precious
metal. The FOMC minutes stressed that officials are awaiting a
further evidence of stronger economic growth including a pickup in
consumer spending before deciding to tighten policy.
At
the MCX, Gold futures for August 2015 contract closed at Rs 26,064
per 10 gm, down by 0.57% after opening at Rs 26,202, against the last
closing price of Rs 26,213. It reached the intra-day low of Rs 26,040
till the closing.Click Here For Share Market Tips
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