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MTECHTIPS:-Gold Sinks To Ten Month Lows, Sentiments Cautious

Thursday, December 1, 2016 3:59
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MTECHTIPS:-Gold Sinks To Ten Month Lows, Sentiments Cautious

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MTECHTIPS- Gold was back to losing ways and tumbled to a 10-month low Wednesday as a stronger dollar and expectations of an interest-rate increase by the Federal Reserve in December put pressure on the metal. The commodity was wavering near $1190 levels following a spurt earlier this week but the strength in dollar confirmed that such an upside was momentary and overall scenario remains cautious for the metal. The commodity shed about 1.40% to end near $1174 levels and gained modestly in Asia today. MCX Gold futures closed just under Rs 28400 per 10 grams yesterday and should see a mixed outing today as traders would be eyeing the retail market response at these prices. Meanwhile, the US Dollar Index, which weighs the dollar against a basket of other currencies surged well above 101 levels, charting towards its fresh multi year high after the US economic data continued to display strength. With the Federal Reserve’s next monetary policy meeting two weeks away, the central bank released its Beige Book on Wednesday. The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, said the economy continued to expand across most regions from early October through mid-November. Growth in the Boston, Minneapolis, and San Francisco districts was described as moderate, while the Atlanta, Chicago, St. Louis, and Dallas districts cited modest growth.

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