Today's Commodity tips : Last week, Gold futures ended mildly lower in the native market on Friday as the People's Bank of China unexpectedly introduced fresh stimulus measures on Friday last week, marking the 6th time the central bank has lowered interest rates since November month. The PBOC slashed its one-year lending rate by a quarter of a percentage point, in its latest attempt to bolster its flagging economy by easing monetary policy.
In addition, the PBOC also lowered its Reserve Requirement Ratio (RRR) or the amount of cash commercial banks must set aside in reserves, by 0.5 per-cent. In the meantime, mixed US(United states) data raised uncertainty over whether the US Federal Reserve will increase interest rates current year as jobless claims edged up last week, a leading index down in September month but existing home sales rose. Click Here Commodity tips
Furthermore, a powerfull dollar decreased the appeal of Gold as an alternative asset. Stronger greenback makes the bullion costly for those holding other currencies, thus reducing demand. At the MCX, December 2015 contract for Gold futures closed at Rs 26,809 per 10 gms, & went down by 0.21 per-cent after opening at Rs 26,874, in against with the preceding closing price of Rs 26,865. It attained the intra-day low of Rs 26,726.
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