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Tips - On Wednesday, Gold futures enlarged a non-stop crash
in the domestic market as robust US housing data signaled the
improving health of the world’s largest economy, bolstering the
case for the US Federal Reserve to begin a lift-off in interest rates
for the first time since 2006, curbing the lure for the bullion as a
store of value.Sales of existing homes in the US surged to the
powerful level in eight years, up by 3.2 percent to a 5.49 million
annual pace in June 2015.Gains in the dollar also limited Gold’s
requirement as an alternative asset. A rout in other commodities
including metals and oil has indicated lower global inflation,
diminish gold’s appeal as an inflation protection.
Moreover, a return to calm at Overall financial
markets with Grexit securely averted and China’s stock markets
bouncing back after a rout earlier this month has hit the bullion’s
secure haven lure.Gold may trade on a cautious note today as traders
eye key US data including each week jobless claims numbers and
leading index data for June which will offer cues over the growth in
the world’s largest economy.
At the MCX, Gold futures for August 2015 contract
closed at Rs 24,677 per 10gms, down by 0.88 per cent after opening at
Rs 24,811, against its preceding closing price of Rs 24,897. It
touched the intra-day low of Rs 24,572.
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