Friday, June 10, 2016

MCX Gold Tips: Gold rises as Fed Rate hike seems unlikely
MCX Gold Tips: Gold futures closed higher during in the Indian market on Thursday finding support from expectations that the Federal Reserve will keep United State interest rates on hold in the coming months. The Fed which meets next week is highly unlikely to announce a rate hike given previous week’s insipid jobs data. Meanwhile, a gauge of US consumer optimism slid to 48.2 for June from 48.7 in May, further raising calls for a delay in monetary tightening. The possibility that the United Kingdom may leave the European Union, inviting universal market and economic volatility, also bolstered the yellow metal. At the MCX, Gold futures for August 2016 agreement closed at Rs 29,926, per 10 gram, up by 1 per cent after opening at Rs 29,710, against the last closing price of Rs 29,629. It touched the intra-day high of Rs 29,970.