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| Commodity tips |
Commodity tips : Yesterday, Gold futures ended lower in the native market as the euro sank against the dollar after ECB President Mario Draghi said the bank's degree of accommodation will need to be reexamined at its December meeting. European Central Bank President Mario Draghi told that, policymakers will reexamine the degree of monetary policy stimulus at its December meeting.
Draghi added that the central bank's QE program will continue until September 2016 or beyond if needed until inflation adjusts toward 2.0 per cent. Furthermore, a stronger dollar decreased the appeal of Gold as an alternative asset. Stronger greenback makes the bullion costly for those holding other currencies, thus reducing requirement.
At the MCX, December 2015 contract for Gold futures closed at Rs 26,865 per 10 gms, down by 0.33 per-cent after opening at Rs 26,963, in against to its preceding closing price of Rs 26,955. It reached the intra-day low of Rs 26,843.
Draghi added that the central bank's QE program will continue until September 2016 or beyond if needed until inflation adjusts toward 2.0 per cent. Furthermore, a stronger dollar decreased the appeal of Gold as an alternative asset. Stronger greenback makes the bullion costly for those holding other currencies, thus reducing requirement.
At the MCX, December 2015 contract for Gold futures closed at Rs 26,865 per 10 gms, down by 0.33 per-cent after opening at Rs 26,963, in against to its preceding closing price of Rs 26,955. It reached the intra-day low of Rs 26,843.
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