Wednesday, January 20, 2016

Bullion Tips : Gold ended low as China GDP grows 20 Jan, 2016

Bullion Tips : Prices of Gold ended flat in the local market on yesterday as yearly GDP in China grew at its slowest pace in a quarter century last year, dampening requirement enthusiasm for the precious metal in the world's 2nd-largest economy.

China's National Bureau of Statistics told the national economy grew by 6.8 per cent in the fourth quarter, down slightly from the preceding quarter and the weakest since the Q1(first quarter) of 2009.

A powerfull dollar decreased the appeal of gold as an alternative asset. Stronger greenback makes the bullion expensive for those holding other currencies, thus reducing requirement.

MCX : Gold futures for Feb 2016 contract ended at Rs 26,057 per 10 gms, went down by 0.03 per-cent after opening at Rs 26,023, as compared to the previous closing price of 26,065. It reached the intra-day low of Rs 25,860.

Read More : Bullion Tips