Mcx Bullions Tips - Gold closes lower as inflation data raise case for rate hike as on 20 July, 2015

MCX Bullions Tips - Gold prices ended lower in the domestic market on Friday as optimistic US inflation data bolstered hawkish arguments for an interest rate hike by the Federal Reserve later this year. The US Department of Labor's Bureau of Labor Statistics said its Consumer Price Index (CPI) rose by 0.3 per cent in June on a monthly basis, in line with agreement judge. On a year-over-year basis, the CPI obtain 0.1 % over analysts' predict for a flat reading. A reading of Core CPI, which strips out food and energy prices, allowing even more optimism for the hawks at the Fed in favor of an imminent rate hike. Further, the greenback rose, weakening the demand for the bullion as an alternative asset. A higher dollar makes gold cheaper for those holding other currencies, thus reducing gold needs. At the MCX, Gold futures for this August 2015 deal closed at Rs 25,498 per 10 gram, down by 1.06% after starting at Rs 25,733, opposed the back closing price of Rs 25,771. It touched the intra-day low of Rs 25,461 till the closing.