Yellow metal little changed

Yellow metal little changed

26/10/2016 16:58

Gold futures were little changed during the evening trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the precious metal even sentiment remained supported by prospects of higher demand from India ahead of the festive season with Diwali and Dhanteras round the corner.

Gold buying in India typically picks up during the festive season when the bullion is given as a gift.

Further, confidence among American consumers fell to the lowest level in three months in October 2016, bolstering the case for the US Federal Reserve to undertake a slow pace of monetary tightening. At the MCX, gold futures for December 2016 contract is trading at Rs 29,915 per 10 grams, down by 0.09 per cent, after opening at Rs 29980, against a previous close of Rs 29942. It touched the intra-day low of Rs 29885 (at 16:46 hours).

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