MCX Gold Tips: Gold futures rallied by nearly 1% in the domestic market on Tuesday as investors and speculators booked fresh positions in the billions tracking a firm trend in the overseas market as tepid US economic data and a fast growing global gloom boosted speculation that the US Federal Reserve may push back plans of tightening monetary policy for the 1st time in almost a decade, until next year, bolstering the lure for the bullion as a store of value.
US trade gap widened the most in five months in August as a stronger dollar and a China slowdown saps the lure for the country’s overseas shipments, threatening to slow growth in the world’s biggest economy. US trade deficit increased 15.6 per cent to USD 48.3 billion in August from a revised USD 41.8 billion in July.
Meanwhile, the IMF cut its global economic growth forecast to 3.1 per cent for 2015 from 3.3 per cent earlier and to 3.6 per cent in 2016, from 3.8 per cent amid lower growth in emerging markets.
Gold futures may fall today as a top Fed official repeated the call for raising interest rates in 2015.
At the MCX, Gold futures for December 2015 contract closed at Rs 26,621 per 10 gram, up by 0.90 per cent after opening at Rs 26,424, against the previous closing price of Rs 26,383. It touched the intra-day high of Rs 26,728.
US trade gap widened the most in five months in August as a stronger dollar and a China slowdown saps the lure for the country’s overseas shipments, threatening to slow growth in the world’s biggest economy. US trade deficit increased 15.6 per cent to USD 48.3 billion in August from a revised USD 41.8 billion in July.
Meanwhile, the IMF cut its global economic growth forecast to 3.1 per cent for 2015 from 3.3 per cent earlier and to 3.6 per cent in 2016, from 3.8 per cent amid lower growth in emerging markets.
Gold futures may fall today as a top Fed official repeated the call for raising interest rates in 2015.
At the MCX, Gold futures for December 2015 contract closed at Rs 26,621 per 10 gram, up by 0.90 per cent after opening at Rs 26,424, against the previous closing price of Rs 26,383. It touched the intra-day high of Rs 26,728.
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