Gold loses sheen on global cues today

Gold futures were trading low during the morning trade in the domestic market on Friday as investors and speculators trimmed their positions in the precious metal in the domestic markets tracking a weak trend overseas.

Further, a weak trend in overseas markets, profit-booking by traders too influenced gold prices at futures in the domestic markets.

At the MCX, gold futures for October 2016 contract is trading at Rs 31,217 per 10 grams, downward by 0.37 %, after opening at Rs 31,242, against an earlier close of Rs 31,332. It touched the intra-day low of Rs 31,215.

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Today Gold rises on Fed decision in demand

Gold futures were trading high during the morning trade in the domestic market on Thursday as investors & speculators build up fresh positions in the precious metal after the August US Fed meeting on Wednesday in which it kept key rates unchanged.

The US central bank hold interest rates unchanged at 0.25 % to 0.50 %. On the other hand, the Bank of Japan had adopted a target for long-term interest rates in its meeting on Wednesday.

At the MCX, gold futures for October 2016 bond is trading at Rs 31,283 per 10 grams, up by 0.25 %, after opening at Rs 31,250, against a previous close of Rs 31,205. It touched the intra-day high of Rs 31,284.

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yellow metal ended little changed in the domestic market

The yellow metal ended little changed in the domestic market on Friday as traders stuck to a cautious stance ahead of the US Federal Reserve’s highly anticipated two-day monetary policy meet beginning this Tuesday where the world’s top central bank may offer fresh cues over when it plans to raise interest rates in the world’s biggest economy for the first time since 2006.Strengthening labour market amid payrolls gains topping 200K over the past several months and signs of a pickup in inflation have raised bets of an interest rate lift off in September, curbing the lure for the bullion as a store of value.However, plunging stock markets supported Gold’s appeal as an alternative asset. Wall Street succumbed to heavy losses on Friday with the Dow Jones Industrial Average posting its worst week since January as a China factory slump hit biotechnology & raw material producers, while gloomy earnings from technology giants also marred sentiment.Gold may trade on a discreet note today as traders stay on the sidelines ahead of the FOMC meet this week and the release of US Q2 GDP numbers on Thursday.At the MCX, Gold futures for August 2015 contract closed at Rs 24,731 per 10 gram, down by 0.01 per cent after cracking at at Rs 24,559, against the previous ending price of Rs 24,734. It impressed the intra-day low of Rs 24,451.

 

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