Mcx Commodity Tips : Scripting a smart rebound, the yellow metal bounced back on Wednesday as heightened turmoil in China’s equities and fears that Greece may be pushed out of the euro bolstered safe haven demand for Gold. China’s stock market rout showed no signs of easing with the Shanghai Composite bleeding nearly 6 per cent on Wednesday, defying government measures to arrest a near four-week slump in equities. Late Wednesday, China banned major shareholders from selling stakes in listed companies, the latest in a series of measures undertaken by policymakers that have included interest rate cuts to loosening of bank’s reserve requirements and suspension of new share sales to restore confidence in the country’s stock market that has eroded more than USD 3 trillion in value. Meanwhile, Greece has until Thursday night to submit fresh economic reform measures including spending cuts to press for a new bailout and convince European leaders to keep the cash-strapped country in the euro. Greece on Wednesday made an official request for a three-year bailout from Europe’s. The FOMC minutes which highlighted risks from Greece to China, to the US economy stressed that officials are awaiting a further evidence of stronger economic growth including a pickup in consumer spending before deciding to tighten policy. Gold may extend gains today on expectations of delayed US rate lift-off while awaiting Greece’s response to Europe’s calls for a wave of new reforms to win new bailout aid.
At the MCX, Gold futures for August 2015 contract closed at Rs 26,213 per 10 gram, up by 0.70 per cent after opening at Rs 26,008, against the last closing price of Rs 26,032. It touched the intra-day high of Rs 26,248 till the closing.
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