MCX GOLD TIPS: Gold futures advanced in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal as rising tensions in the Middle East, as Saudi Arabia severed diplomatic ties with Iran after an attack on its embassy in Tehran to protest the Saudis’ execution of a prominent Shiite cleric, bolstered the safe haven appeal of the yellow metal.
Meanwhile, equities across Asia were in freefall mode, with markets in China plunging nearly 7% after manufacturing shrank at a faster pace in the month of December, raising fears over a hard landing in the world’s second biggest economy, bolstering the lure for Gold as an alternative asset.
At the MCX, Gold futures for February 2016 contract is trading at Rs 25,165 per 10 gram, up by 0.81 per cent after opening at Rs 25,040, against the previous closing price of Rs 24,962. It touched the intra-day high of Rs 25,180. (At 11:50 AM).
Meanwhile, equities across Asia were in freefall mode, with markets in China plunging nearly 7% after manufacturing shrank at a faster pace in the month of December, raising fears over a hard landing in the world’s second biggest economy, bolstering the lure for Gold as an alternative asset.
At the MCX, Gold futures for February 2016 contract is trading at Rs 25,165 per 10 gram, up by 0.81 per cent after opening at Rs 25,040, against the previous closing price of Rs 24,962. It touched the intra-day high of Rs 25,180. (At 11:50 AM).
No comments:
Post a Comment