MCX Gold Tips: Gold futures were trading higher in the local market on Friday as investors and speculators booked fresh positions in the yellow metal amidst speculation that the US Federal Reserve may raise borrowing costs at a gradual pace this year, following the maiden US interest rate hike since 2006, last month, bolstering the lure for the bullion as a store of value.
US jobless claims jumped 20,000 to 287,000 last week, the highest level since July while a business activity gauge contracted the most since August 2009 previous month with the Chicago PMI falling to 42.9 from 48.7 in November,signaling a slowdown in the world’s biggest economy, bolstering the case for a gradual pace of monetary tightening by the Fed.
Trading volumes may remain this today as traders remain busy in New Year festivities.
At the MCX, Gold futures for February 2016 contract is trading at Rs 24,997 per 10 gram, up by 0.26 per cent after opening at Rs 24,913, against the previous closing price of Rs 24,931. It touched the intra-day high of Rs 25,039 (At 10:21 AM).
US jobless claims jumped 20,000 to 287,000 last week, the highest level since July while a business activity gauge contracted the most since August 2009 previous month with the Chicago PMI falling to 42.9 from 48.7 in November,signaling a slowdown in the world’s biggest economy, bolstering the case for a gradual pace of monetary tightening by the Fed.
Trading volumes may remain this today as traders remain busy in New Year festivities.
At the MCX, Gold futures for February 2016 contract is trading at Rs 24,997 per 10 gram, up by 0.26 per cent after opening at Rs 24,913, against the previous closing price of Rs 24,931. It touched the intra-day high of Rs 25,039 (At 10:21 AM).
No comments:
Post a Comment