Bullion tips & updates : Yesterday, Gold futures closed on a bullish note in the native market tracking gains from the overseas market as investors and speculators booked fresh positions in the precious metal as the US Fed Reserve kept interest rates remains same near to zero even as it left the door open for policy tightening at its up coming meet in the month of December.
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| Bullion tips by Researchvia |
The Fed has refrained from rate tightening as a worsening China slowdown adds to the gloomy global outlook that threatens to crimp US economic growth & restrain inflation. Moreover the Fed on yesterday indicated that it is confident that further job gains would be enough to boost inflation towards targeted levels, supporting the case for a rate lift-off in the near term.
The dollar rallied following the prospects of a December rate hike, reducing the appeal of Gold as a store of value. Gold may retreat today as the Fed signaled that it is prepared to increase borrowing costs as soon as December. December 2015 contract for Gold futures ended at Rs 27,073 per 10 gms, up by 0.55 per-cent after opening at Rs 26,945, in comparison to the previous ending price of Rs 26,925. It reached the intra-day high of Rs 27,189.
The dollar rallied following the prospects of a December rate hike, reducing the appeal of Gold as a store of value. Gold may retreat today as the Fed signaled that it is prepared to increase borrowing costs as soon as December. December 2015 contract for Gold futures ended at Rs 27,073 per 10 gms, up by 0.55 per-cent after opening at Rs 26,945, in comparison to the previous ending price of Rs 26,925. It reached the intra-day high of Rs 27,189.
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