MCX GOLD TIPS | Gold futures extended losses during noon trade in the domestic market on Monday as investors and speculators stuck to a cautious stance ahead of key US housing data which may signal a strengthening recovery in the world’s biggest economy, bolstering the case for the US Fed Reserve to raise interest rates for the first time in almost a decade, dimming the lure for the bullion as a store of value.
US pending home sales index is likely to have increased 1 per cent in October from September when it fell 2.3%, data may show on Monday.
Caution ahead of US jobs data later this week which may signal a robust labour market recovery also lured away traders from Gold, which will lose sheen as the US Fed starts raising borrowing rates.
At the MCX, Gold futures for December 2015 contract is trading at Rs 24,985 per 10 gram, down by 0.30 per cent after opening at Rs 24,994, against the previous closing price of Rs 25,059. It touched the intra-day low of Rs 24,957. (At 12:17 PM).
US pending home sales index is likely to have increased 1 per cent in October from September when it fell 2.3%, data may show on Monday.
Caution ahead of US jobs data later this week which may signal a robust labour market recovery also lured away traders from Gold, which will lose sheen as the US Fed starts raising borrowing rates.
At the MCX, Gold futures for December 2015 contract is trading at Rs 24,985 per 10 gram, down by 0.30 per cent after opening at Rs 24,994, against the previous closing price of Rs 25,059. It touched the intra-day low of Rs 24,957. (At 12:17 PM).
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