Tuesday, December 1, 2015

Yellow Metal Regains Some lost Luster

Gold Update - Gold futures were trading higher in the domestic market during noon trade on Tuesday as investors and speculators booked fresh positions in the precious metal tracking positive cues from the overseas market, where the bullion regained some bite even as it suffered the biggest monthly percentage loss since 2013, falling nearly 7 per cent in November as fears that the US Fed may raise interest rates in the near-term dimmed the lure for Gold as a store of value.
The focus this week is on US jobs data for November, Fed Chair Janet Yellen’s speech, both of which may offer further cues over the likelihood of a mid-December rate hike, while the ECB policy decision is also being eyed.
At the MCX, Gold futures for December 2015 contract is trading at Rs 25,177 per 10 gram, up by 0.43 per cent after opening at Rs 25,183, against the previous closing price of Rs 25,069. It touched the intra-day high of Rs 25,218.