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stock tips - On Thursday, Gold futures ended on a lackluster
note in the domestic market as investors and speculators stayed on
the sidelines as a stronger dollar curbed the appeal of the precious
metal as an alternative asset. Stronger greenback makes Gold more
costly for those holding other currencies, thus dimming demand.
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Gold was also pressured by fears over near-term
interest rate tightening by the US Federal Reserve as strong GDP
numbers signaled an improving health of the world’s biggest
economy. The American economy expanded at an annualized pace of 2.3
per cent in the June quarter following a revised 0.6 per cent gain in
Q1, with consumer spending, the main growth driver, rising at a 2.9
per cent pace, compared to a 1.8 per cent advance in the March
quarter.
The bullion may trade on a cautious note today as
investors eye key US economic data including consumer sentiment
and Chicago business activity index, offering latest cues over the
health of the country’s economy. At the MCX, Gold futures for
August 2015 contract closed at Rs 24,718 per 10 gram, unchanged after
opening at Rs 24,737, against the preceding closing price of Rs
24,720. It touched the intra-day low of Rs 24,565.
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