MCX Gold Tips: Gold prices closed higher in the domestic market on Wednesday as a sharp sell-off in global equities amid bleak China factory data supported the safe haven lure for the Gold. Asian markets were trading deep in the red with China’s Shanghai Composite shedding closer 2% while shares in Hong Kong bled over 2.5 per cent as China’s factory data which showed the steepest contraction in manufacturing activity over six and a half years in September signaled a worsening slowdown in the world’s second largest worth, causing risk aversion among investors. Wall Street bled over 1% on Tuesday amid macro-economic uncertainty and a rout in auto stocks, following a slump in European stocks as bearish sentiment returned to haunt national equities. Speculation that the Fed may be hesitant to raise interest rates this year amidst worsening turmoil in financial markets across the globe bolstered Gold’s appeal as a store of value. At the MCX, Gold futures for October 2015 agreement ended at Rs 26,467 per 10 gram, up by 0.87 per cent after opening at Rs 26,229, against the last closing price of Rs 26,238. It touched the intra-day high of Rs 26,490.
No comments:
Post a Comment