Mcx commodity tips: Bullion traders were in upbeat mood in the domestic market on Friday as Gold futures rose ahead of the Fed Chair Janet Yellen’s speech later on Friday who may offer further cues over the timing of a US rate hike.
Majority of Thursday’s US economic releases signaled underlying weakness in the world’s biggest economy, bolstering the case for the Fed to delay a maiden rate lift-off since 2006, boosting the appeal of the bullion as a store of value.
Jobless claims in the US climbed last week, while sales of previously owned homes fell 3.3 per cent to a 5.04 million annualized pace in April, and the gauge measuring manufacturing declined to a 16-month low of 53.8 in May from 54.1 in April, with a reading above 50 signaling expansion.
At the MCX, Gold futures for June 2015 contract is trading at Rs 27,194 per 10 gram, up by 0.32 per cent after opening at Rs 27,159, against the previous closing price of Rs 27,108. It touched the intra-day high of Rs 27,200.
MCX Crude oil futures are trading in a very sluggish manner today after the steep losses on last Friday.
The commodity lingered around Rs 3900 per barrel levels for the benchmark February contract, eying a tight movement in the world prices.
The global prices edged higher towards $86 per barrel, bouncing off its two week lows as the Asian stocks were off to an impressive start to a new week today as the resignation of Egyptian President Hosni Mubarak spilled over its positive influence on the global markets and the appetite for risk improved.
