Gold rallied to the highest level in seven weeks on Friday on the back of heightened expectations that the Federal Reserve will hold off on hiking interest rates until 2016.
Gold for December delivery was up 0.97% to $1,155.4 in late trade on the Comex division of the New York Mercantile Exchange, the highest close since August 24.
For the week, gold futures climbed 1.69% as uncertainty over how soon the U.S. central bank will start to raise interest rates weighed on the dollar.
Gold would benefit from any delay in raising U.S. interest rates as higher interest rates make gold look less competitive against interest-yielding assets.
A rate hike would also boost the dollar, which would make dollar-denominated gold more expensive to holders of other currencies.
For more updated news and Commodity Market Tips, visit us at Zoid Research
The Sensex fell 36.07 points to 27043.44 and the Nifty declined 7.35 points to 8182.35. However, the broader markets outperformed benchmarks; the BSE Midcap and Smallcap indices gained more than 0.3 percent..
ReplyDeleteLive Sensex Market
Alstom T&D India has bagged orders worth Rs140.3 crore from Odisha Power Transmission Corporation for supply of air insulated and gas insulated substations. – Positive for Alstom T&D India.
ReplyDeleteBest MCX Tips
This comment has been removed by the author.
ReplyDeleteI’m glad you reminded me about all of the other types of news that you can include in your blog. Have to remember to mix it up.
ReplyDeleteNifty Futures
Your blog information is to good thanks................
ReplyDeleteStock Market Tips
Oil marketing companies witnessed a sharp surge in Tuesday’s intraday trade while markets seem to plummet during first half of trade.capitalstars
ReplyDeleteThanks for sharing such a good information Intraday Nifty intraday tips
ReplyDelete