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Monday, 25 August 2014

Live Mcx Tips Market Updates; Gold holds near 2-mth low on firm dollar

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Today in Mcx Gold edged down on Monday, hovering near its lowest in two months on a firmer U.S dollar and speculation of an eventual increase in U.S. interest rates that could hurt the metal's appeal as a hedge against inflation. 
After falling nearly 2 percent last week, bullion attracted buying from jewelers in Asia, but the amount was limited and investors stayed on the sidelines. Despite the recent reversals, bullion is still up more than 6 percent this year. Gold had slipped 0.19 percent to $1,278.34 an ounce by 0333 GMT, not far from a two-month low of $1,273.06 hit last week.
US crude oil futures fell on Friday for a fifth straight week of declines on worries about plentiful supplies. Oil prices have also dropped more than 4 percent in the last 10 sessions, while the S&P equities index fell after investors got few clues about the course of interest rates from Yellen.
Among other precious metals, silver was down 0.1 percent at USD 19.40 an ounce. Platinum rose 0.3 percent to USD 1,416.25 an ounce, snapping a nine-day losing streak, its longest since July 2008. Spot palladium climbed 1.3 percent to USD 885.25 an ounce. 

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