Gold Steady As Global Markets Look To India For Demand

Business

oi-Sunil Fernandes

Gold was trading steady in the global markets, as most investors looked to India for cues.

By Sunil Fernandes

Published: Thursday, October 27, 2016, 13:24 [IST]

Gold in the international and the Indian markets were trading steady, even as global markets were looking to India for a surge in demand ahead of the festive season.

Gold of 22 karats was trading at $1265 an ounce, which was almost little changed over Wednesday's levels.

US gold futures was also little changed at $1266 an ounce. In the Indian Futures Market, gold petal for Oct delivery was trading at Rs 3028 per gram on the MCX. Gold since the start of the year, has rallied sharply.

Investors in the next few days will study the demand from India, ahead of the festive season, as this would be the only big cue. Check gold rates here

The next big cue is slated to come from the US Federal Reserve in December, which will decide on interest rate hikes in the US. If a hike does come through, we could see a drop in gold prices.

GoodReturns.in