MCX GOLD TIPS: Gold futures were trading on a positive note during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal ahead of the release of the US Federal Reserve’s minutes from its December policy meet in which the world’s top central bank raised interest rates for the first time since 2006.
The minutes may reaffirm the Fed’s intent to undertake a gradual pace of interest rate tightening this year as a global slowdown hits US shores, bolstering the appeal of the bullion as a store of value. The fastest pace of contraction in US manufacturing in more than six years in December 2015 signaled a slowdown in the world’s biggest economy, bolstering the case for the Fed to go easy on further rate hikes.
Traders will also be eying US factory, services, exports and employment data today.
At the MCX, Gold futures for February 2016 contract is trading at Rs 25,530 per 10 gram, up by 0.56 per cent after opening at Rs 25,469, against the previous closing price of Rs 25,388. It touched the intra-day high of Rs 25,535. (At 12:06 PM).
The minutes may reaffirm the Fed’s intent to undertake a gradual pace of interest rate tightening this year as a global slowdown hits US shores, bolstering the appeal of the bullion as a store of value. The fastest pace of contraction in US manufacturing in more than six years in December 2015 signaled a slowdown in the world’s biggest economy, bolstering the case for the Fed to go easy on further rate hikes.
Traders will also be eying US factory, services, exports and employment data today.
At the MCX, Gold futures for February 2016 contract is trading at Rs 25,530 per 10 gram, up by 0.56 per cent after opening at Rs 25,469, against the previous closing price of Rs 25,388. It touched the intra-day high of Rs 25,535. (At 12:06 PM).
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