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| Bullion tips & updates |
Bullion tips : Prices of Gold closed higher in the native market on yesterday in the midst of a flat dollar, as widespread concerns related to economic growth in China & the timing of an interest rate increase by the Federal Reserve remained cornerstone.
Fed Reserve Bank of St. Louis president James Bullard stood firm on his position that economic conditions nationwide are strong enough to allow the Fed Open Market Committee to permit an initial rate increase.
Gold is not attached to interest rates and struggles to compete with high-yield bearing assets in rising rate environments. Investors also continued to digest relatively hawkish comments from a host of central bankers over the weekend at the International Monetary Fund's Annual Meeting in Lima, urging the Fed to stop putting off an initial rate hike.
At the MCX, December 2015 contract for Gold futures closed at Rs 26,979 per 10 gms, up by 0.71 per cent after opening at Rs 26,725, in comparison to the previous closing price of 26,788. It attained the intra-day high of Rs 26,026.
Fed Reserve Bank of St. Louis president James Bullard stood firm on his position that economic conditions nationwide are strong enough to allow the Fed Open Market Committee to permit an initial rate increase.
Gold is not attached to interest rates and struggles to compete with high-yield bearing assets in rising rate environments. Investors also continued to digest relatively hawkish comments from a host of central bankers over the weekend at the International Monetary Fund's Annual Meeting in Lima, urging the Fed to stop putting off an initial rate hike.
At the MCX, December 2015 contract for Gold futures closed at Rs 26,979 per 10 gms, up by 0.71 per cent after opening at Rs 26,725, in comparison to the previous closing price of 26,788. It attained the intra-day high of Rs 26,026.
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