MCX Bulllions Tips: Gold futures ended lower in the domestic market Thursday after data showed that the US economy grew more than initially estimated in the second quarter, boosting optimism over the health of the economy and supporting the case for a US interest rate hike this year. The Commerce Department said the US economy grew 3.7 per cent in the three months ended June 30, above expectations for growth of 3.2 per cent. Preliminary data initially pegged US growth at 2.3 per cent in the second quarter. A return of global risk appetite with markets in China halting the worst five-day retreat in nearly two decades and Wall Street staging the largest rally in four years also curbed the lure for Gold as a safe haven asset but the losses in the valuable metal were trimmed by a weaker dollar which makes the bullion inexpensive for those holding other currencies. At the MCX, bullion futures for October 2015 contract closed at Rs 26,278 per 10 gram, down by 0.73% after opening at Rs 26,400, against the previous closing price of Rs 26,471. It touched the intra-day low of Rs 26,169.
No comments:
Post a Comment