MCX Gold Tips: Gold prices fell by 0.26 per cent on Friday as investors reacted to strong hints from the Federal Reserve that it could shift short-term interest rates when it meets next in December. Metal traders continued to digest hawkish comments from the Federal Open Market Committee, when the U.S. central bank provided compelling indications that it could lift interest rates at its next meeting in December. Gold futures for December 2015 contract, at MCX, were trading at Rs. 26,553 per 10 grams, down by 0.26 per cent after opening at Rs. 26,588 against the previous closing price of Rs. 26,621. It touched the intra-day low of Rs. 26,534 till the trading. (At 12.15 PM today). However, a weaker dollar shifted the appeal of Gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus increasing demand.Saturday, 31 October 2015
MCX Gold Tips: Gold falls amid strong hints from Fed
MCX Gold Tips: Gold prices fell by 0.26 per cent on Friday as investors reacted to strong hints from the Federal Reserve that it could shift short-term interest rates when it meets next in December. Metal traders continued to digest hawkish comments from the Federal Open Market Committee, when the U.S. central bank provided compelling indications that it could lift interest rates at its next meeting in December. Gold futures for December 2015 contract, at MCX, were trading at Rs. 26,553 per 10 grams, down by 0.26 per cent after opening at Rs. 26,588 against the previous closing price of Rs. 26,621. It touched the intra-day low of Rs. 26,534 till the trading. (At 12.15 PM today). However, a weaker dollar shifted the appeal of Gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus increasing demand.
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