GOLD
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 displayed 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 On Wednesday, China banned major shareholders
from selling stakes in listed companies, the newest in a series of
measures undertaken by policymakers that have included interest rate
cuts to loosening of bank’s reserve requirements & 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. Gold may exceed 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, August 2015 contract of Gold futures
closed at Rs 26,213 per 10 gram, up by 0.70% after opening at Rs
26,008, against the last closing price of Rs 26,032. It reached the
intra-day high of Rs 26,248 upto the closing time.Click Here For More Share Market Tips
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