Bullion tips : Gold prices locked lower in the native market on yesterday as traders weighed comments from Fed officials who adviced that policy tightening in the US(United States) may just be round the corner amidst an improvement in the world’s biggest economy, curbing the appeal of the yellow metal as a store of value. San Francisco Fed Reserve Bank President John Williams on Monday this week tightly backed the case for a increment in borrowing costs sometime later in the year following Fed Chair Janet Yellen’s comments last week when she hinted that the world’s top central bank is in course to raise interest rates for the 1st time in almost a decade, this year.
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| Bullion tips |
In the meantime upbeat consumer spending data also signaled strong progress in the US economy, raising policy tightening bets as household spending climbed 0.4 per-cent in August month, fueled by a surge in incomes.
At the MCX, Gold futures for October 2015 contract closed at Rs 26,243 per 10 gram, down by 0.98 per cent after opening at Rs 26,536, against the previous closing price of Rs 26,504. It touched the intra-day low of Rs 26,211.
At the MCX, Gold futures for October 2015 contract closed at Rs 26,243 per 10 gram, down by 0.98 per cent after opening at Rs 26,536, against the previous closing price of Rs 26,504. It touched the intra-day low of Rs 26,211.
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