Gold Surged To Losses In Today’s Market Trade
Gold futures succumbed to mild losses in morning trade in the domestic market on Tuesday as investors weighed Fed Chair Janet Yellen’s speech in which she reiterated the case for a gradual rise in US borrowing costs, without offering a specific timeframe for the next interest rate hike. Yellen assured that the US economy is still making enough progress to withstand gradual rate hikes despite recent data showing a sharp slowdown in job growth. Gold, a non-interest bearing asset tends to lose sheen in a rising interest rate scenario.
At the MCX , Gold futures for June 2016 contract were trading at Rs 29,415, per 10 gram, down by 0.12 per cent after opening at Rs 29,402, against the previous closing price of Rs 29,450. It touched the intra-day low of Rs 29,393.
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