Suman Dhall,manager,delhi,www.mcxbab.com
Bullion Gold Spot gold rates declined by 0.16 percent to $1173.3 on Wednesday s as strong U.S. economic data fed the check that the Federal Reserve may bring forward the timing of a rove in U.S. interest rates. U.S. Labor Department data showed initial entreaties for state unemployment benefits dropped for the fourth straight week.
A day earlier, the Commerce Department said the U.S. economy originated in the third quarter at its quickest pace in 11 years. Holdings of the world’s top gold-backed exchange traded source, SPDR Gold Trust GLD, are near six-year lows, reflecting weak investment position towards bullion. On the MCX, gold valuations less by 0.15 percent and closed at Rs.26584/10 gms.
Silver Spot silver prices also realized marginally by 0.1 percent and closed at $15.7/oz on Wednesday. The upturn is in contrary to decline in gold prices. anyhow strong economic data from the US also led to the strength in the dollar index exerting downside pressure on returns. On the MCX, silver prices realized marginally by 0.06 percent and shut down at Rs.36445/kg.