Stock Market News : Gold futures ended on a flat note in the domestic market on Friday as investors and speculators stayed cautious over booking fresh positions in the precious metal ahead of the Federal Reserve’s two-day policy meet beginning this Tuesday where the world’s top central bank may offer further cues over when it plans to raise interest rates for the first time since 2006. Producer prices in the US returned to positive terrain in May led by the biggest jump in fuel costs in at least five years, signaling a pickup in inflation in the world’s biggest economy, bolstering the case for a near-term rate hike, dimming the lure for the bullion as a store of value. US producer price index climbed 0.5 per cent in May 2015 from the last month, when it fell 0.4%. Rising wholesale prices, coupled with a rise in consumer confidence in June, jump in May retail sales and upbeat May payroll numbers may prompt the Fed to bring forward its timetable for a rate lift-off. Gold may continue to trade on a subdued note today amid Fed caution while Greece debt talks will also be eyed as it scrambles to reach a negotiation with its creditors who are demanding stricter and more austere economic reform conditions to enable the country secure further aid even with the June -end loan re-payment deadline approaching fast.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,894 per 10 gram, up by 0.007 after opening at Rs 26,904, against the last ending price of Rs 26,892. It touched the intra-day maximum of Rs 26,975 till the closing.
0 comments:
Post a Comment