MCX GOLD TIPS | Gold prices closed lower in the domestic market on Monday as investors and speculators exited positions in the precious metal amidst heightened caution ahead of the United State Fed Reserve’s two-day monetary policy meet beginning on Tuesday, in which the world’s Huge central bank is poised to raise interest rates for the first time in almost a decade. A hike in United State interest rates from near-zero levels will be negative for Gold, which doesn’t earn any interest. A pickup in United State inflation and a rise in retail sales, in Nov bolstered the case for policy tightening by the Fed, dimming the lure for Bullion as a store of value. While United State retail sales climbed by 0.2 per cent in November 2015, the most in four months, producer cost increased the most since June, up by 0.3 per cent in November 2015 from October when they fell 0.4%. At the MCX, Bullion futures for February 2016 contract closed at Rs 25,347 per 10 gram, down by 1.29% after opening at Rs 25,606, against the last closing price of Rs 25,679. It touched the intra-day low of Rs 24,335.
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