Yesterday, Bullion traders were in bearish mood with prices of the yellow metal falling around 1 per-cent as fresh speculation of a lift-off in US interest rates before the ending of current year curbed the lure for gold as a store of value.Gold, being a non-interest bearing asset tends to lose sheen during a rising interest rate scenario. Yellen last week reassured over the health of the economy of america, with an upward revision in US Q2 GDP providing ample evidence of a pickup in the US recovery, bolstering the case for a rate increment.
The world's largest economy extended at a 3.9 per-cent yearly rate in the June Q, faster than the preceding estimation of 3.7 per-cent.Today, Gold futures may recoup losses as a plunge in world wide equities amidst concerns over China bolster safe haven demand.Click Here Bullion Tips.
At the MCX, Gold futures for October 2015 contract closed at Rs 26,504 per 10 gms, down by 0.86 per cent after opening at Rs 26,692, in against with the last closing price of Rs 26,734. It attains the intra-day low of Rs 26,341.
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