MCX GOLD TIPS: Gold futures were trading on a flat note during late morning trade in the domestic market on Tuesday as Monday’s stellar rally paved the way for profit-booking by investors, in the precious metal, at existing levels.
Prices of the precious metal advanced over 1.7 per cent on Monday as heightened tensions in the Middle East amidst a Saudi-Iran diplomatic spat and a China stock rout that sent global financial markets into a tailspin boosted the safe haven demand for the bullion.
Disappointing US factory data which showed that US manufacturing shrank the most in over six years last month, raised bets that the Federal Reserve may stick to its pledge of a gradual pace of policy tightening, supporting the bullion’s appeal as a store of value.
At the MCX, Gold futures for February 2016 contract is trading at Rs 25,402 per 10 gram, up by 0.02 per cent after opening at Rs 25,336, against the previous closing price of Rs 25,397. It touched the intra-day high of Rs 25,424.
Prices of the precious metal advanced over 1.7 per cent on Monday as heightened tensions in the Middle East amidst a Saudi-Iran diplomatic spat and a China stock rout that sent global financial markets into a tailspin boosted the safe haven demand for the bullion.
Disappointing US factory data which showed that US manufacturing shrank the most in over six years last month, raised bets that the Federal Reserve may stick to its pledge of a gradual pace of policy tightening, supporting the bullion’s appeal as a store of value.
At the MCX, Gold futures for February 2016 contract is trading at Rs 25,402 per 10 gram, up by 0.02 per cent after opening at Rs 25,336, against the previous closing price of Rs 25,397. It touched the intra-day high of Rs 25,424.
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