MCX Gold Tips: Gold futures surged by more than 1 per cent in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal tracking a up trend in the overseas market after data showed that China’s imports of the bullion soared to the highest stage in more than two years in December 2015, up by 67 per cent from Nov, signaling strong demand for the yellow metal in the world’s biggest gold consuming nation.
Further, the yellow metal continued to benefit from robust safe haven inflows as a slump in US equities amidst continued worries over a possible hard landing in China’s economy prompted investors to shun risky assets and seek shelter in the safety of the bullion.
Gold may extend gains today after the US Federal Reserve left interest rates unchanged on Wednesday, whilst signaling that it will continue to undertake a gradual approach in tightening borrowing costs further in the world’s biggest economy amidst heightened global headwinds, bolstering the lure for gold as a store of value. Fed policymakers are closely watching international developments and their possible impact on US economic outlook.
At the MCX, Gold futures for February 2016 contract closed at Rs 26,749 per 10 gram, up by 1.37 per cent after opening at Rs 26,450, against the last closing price of Rs 26,387. It touched the intra-day high of Rs 26,809.
Further, the yellow metal continued to benefit from robust safe haven inflows as a slump in US equities amidst continued worries over a possible hard landing in China’s economy prompted investors to shun risky assets and seek shelter in the safety of the bullion.
Gold may extend gains today after the US Federal Reserve left interest rates unchanged on Wednesday, whilst signaling that it will continue to undertake a gradual approach in tightening borrowing costs further in the world’s biggest economy amidst heightened global headwinds, bolstering the lure for gold as a store of value. Fed policymakers are closely watching international developments and their possible impact on US economic outlook.
At the MCX, Gold futures for February 2016 contract closed at Rs 26,749 per 10 gram, up by 1.37 per cent after opening at Rs 26,450, against the last closing price of Rs 26,387. It touched the intra-day high of Rs 26,809.
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