Tuesday, November 24, 2015

Gold Extends losses on Fed fears in the Domestic Market


Mcx Commodity tips - The President of the Federal Reserve Bank of San Francisco John Williams has reiterated the case for raising interest Values next month, for the first time in nearly a decade, assuming economic data remained encouraging.

Minutes from the US Fed’s newest meeting, released last week, showed that most policymakers thought it may be appropriate to raise borrowing costs next month.

A stronger dollar also curbed the lure for Gold as an alternative asset. Stronger dollar makes Gold more profitable for those holding other currencies, thus dimming demand.

Gold may remain lower today as traders resort to a cautious approach ahead of the US Q3 GDP data.

At the MCX, Gold futures for December 2015 contract closed at Rs 25,165 per 10 gram, down by 0.31 per cent after opening at Rs 25,183, against the previous closing price of Rs 25,243. It touched the intra-day low of Rs 25,081.