Gold lower amid Fed outlook caution
23/08/2016 12:13
Gold futures fell during noon trade in the domestic market on Tuesday as traders were anxious ahead of the speech of Fed Chair Janet Yellen on Friday, which may offer some clues over when the world’s top central bank is likely to undertake its next interest rate hike.
Expectations of a December rate hike have increased after Federal Reserve Vice Chairman Stanley Fisher said that the US economy was closer to meeting the central bank’s goal, dimming the lure for the yellow metal as a store of value.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,310 per 10 grams, down by 0.22 per cent, after opening at Rs 31,300, against a previous close of Rs 31,379. It touched the intra-day low of Rs 31,263. (at 12:08 PM).
23/08/2016 12:13
Expectations of a December rate hike have increased after Federal Reserve Vice Chairman Stanley Fisher said that the US economy was closer to meeting the central bank’s goal, dimming the lure for the yellow metal as a store of value.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,310 per 10 grams, down by 0.22 per cent, after opening at Rs 31,300, against a previous close of Rs 31,379. It touched the intra-day low of Rs 31,263. (at 12:08 PM).
