Share market tips :- Gold futures closed on a bullish note in the native market on Friday last week as a slowdown in hiring in the US last month weakened the case for a Federal Reserve interest rate increase in September, boosting the appeal for the yellow metal as a store of value. American employers added 173,000 jobs in August, the smallest gain in 5-mnth, as compared to an upwardly revised 245,000 increase in July, and below expectations of a 217,000 rise. The jobless rate, though, fell to the lowest level since April 2008 at 5.1 per cent in August 2015. Meanwhile, wages remained tepid as average hourly earnings elevated 2.2 per cent, year on year and 0.3 per-cent on the month of August 2015.
 |
| share market tips |
In the meantime, a weaker dollar also boosted the requirement for Gold as an alternative asset. Weaker greenback makes Gold cheaper for the ones which holding other currencies, thus making stronger requirement.
Gold may fell- down today as a top Fed official advocated increasing interest rates in the near-term, regardless of the mixed August jobs reports & statistics. Gold, a non-interest bearing asset becomes less attractive in a rising interest rate scenario. Gold futures for October 2015 contract closed at Rs 26,532 per 10 gram, up by 0.52 per cent after opening at Rs 26,422, against its previous closing price of 26,394. It attained the intra-day high of Rs 26,683.
Read More : Share market tips
No comments:
Post a Comment