Yuan Continues To Drop; Positive Impact On Gold

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Gold futures were seen trading higher on Monday as speculators created fresh positions amid positive global cues.

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Yuan Continues To Drop; Positive Impact On Gold

Market analysts said the rise in the precious metal in global markets after China increased its bullion reserves and billionaire Stan Druckenmiller bought the metal, reports PTI.

Gold was seen trending upwards after China devalued its currency last week, the uncertainty revolving yuan boosted the gold sentiment.

Gold investors are hoping that weaker yuan may prompt the Federal Reserve to not to raise interest rates in coming months despite an increase in US economy. International gold was seen trading at $1,117 an ounce.

Gold futures for the latest delivery at the Multi Commodity Exchange (MCX) was seen trading at Rs 25,948 per 10 grams, higher by Rs 180 or 0.80 per cent at 2.06 pm IST.

Gold for far month delivery was seen at Rs 26,140 per 10 grams, higher by Rs 180 or 0.69 per cent on the MCX.

In India, gold imports rose by 62.2 per cent to USD 2.96 billion in July 2015, government data showed last week


Read more about: gold, yuan, mcx
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