MCX GOLD TIPS | Gold prices rose by 0.34% on Wednesday after data showed that manufacturing activity in the US contracted at the fastest pace since July 2009 in Nov.
The Institute for Supply Management said its index of purchasing managers fell to 48.6 previous month from a reading of 50.1 in October. Analysts had expected the manufacturing PMI to inch up to 50.5 in Nov. The downbeat data dampened optimism over the strength of the economy and fanned hopes the Federal Reserve could delay raising interest rates until next session.
Gold futures for December 2015 contract, at MCX, were trading at Rs. 25,080 per 10 grams, up by 0.34% after opening at Rs. 25,065 against the previous closing price of Rs. 24,994. It rich the intra-day high of Rs. 25,110 till the trading. (At 11.55 AM today).
However, a stronger dollar reduced the appeal of Bullion as an alternative asset. Stronger greenback makes the bullion expensive for those holding other currencies, thus reducing demand.
The Institute for Supply Management said its index of purchasing managers fell to 48.6 previous month from a reading of 50.1 in October. Analysts had expected the manufacturing PMI to inch up to 50.5 in Nov. The downbeat data dampened optimism over the strength of the economy and fanned hopes the Federal Reserve could delay raising interest rates until next session.
Gold futures for December 2015 contract, at MCX, were trading at Rs. 25,080 per 10 grams, up by 0.34% after opening at Rs. 25,065 against the previous closing price of Rs. 24,994. It rich the intra-day high of Rs. 25,110 till the trading. (At 11.55 AM today).
However, a stronger dollar reduced the appeal of Bullion as an alternative asset. Stronger greenback makes the bullion expensive for those holding other currencies, thus reducing demand.
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