Commodity tips : Gold futures ended lower in the native market on Friday last week as investors and speculators resorted to profit-booking following impressive gains in latest sessions while weak cues from global markets also weighed on sentiment.
Gold pulled back in the overseas market on Friday as a weaker dollar curbed the lure for the bullion as an alternative asset.
Gold pulled back in the overseas market on Friday as a weaker dollar curbed the lure for the bullion as an alternative asset.
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| Commodity tips & calls |
Weaker greenback makes Gold more costly for those holding other currencies, thus lowering the requirement . Gold remained supported by bets of a delay in US interest rate hike, which bolstered the lure for the precious metal as a store of value.
Weaker than estimated US(United States) manufacturing data which showed a drop in factory outcome in Sept month raised bets that the Fed may put off policy tightening until next year.
Gold futures may rise today as the slowest expansion in China’s Q3 growth in over six years bolstered stimulus hopes to prop up the world’s second biggest economy.
At the MCX, December 2015 contract for Gold futures closed at Rs 27,150 per 10 gms, down by 0.39 per-cent after opening at Rs 27,225, in against with the previous closing price of Rs 27,257. It attained the intra-day low of Rs 27,063.
Weaker than estimated US(United States) manufacturing data which showed a drop in factory outcome in Sept month raised bets that the Fed may put off policy tightening until next year.
Gold futures may rise today as the slowest expansion in China’s Q3 growth in over six years bolstered stimulus hopes to prop up the world’s second biggest economy.
At the MCX, December 2015 contract for Gold futures closed at Rs 27,150 per 10 gms, down by 0.39 per-cent after opening at Rs 27,225, in against with the previous closing price of Rs 27,257. It attained the intra-day low of Rs 27,063.
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