Gold Futures Firm Below Rs 26K Mark On Global Cues

By Sneha B K
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    Gold futures were seen trading firm below Rs 26K mark tracking weak overseas trend weighed by strong dollar.

    The gold sentiment was weighed by strengthening in the dollar against a basket of currencies after comments from Janet Yellen on the interest rate hike.

    Gold rates in India

    Gold Futures Firm Below Rs 26K Mark On Global Cues

    International gold fell to eight-months low on renewed worries over the hike in interest rates. Federal Reserve Chairman told that the Central Bank is on track to hike interest rates if the US economy improves as expected.

    Also read: 5 Smart Ways to Invest in Gold in India

    Gold, which is considered as an alternative to other riskier assets tend to benefit from weakness in dollar equities as investors would focus more on the yellow metal.

    At the Multi Commodity Exchange, gold for delivery in August fell by Rs 51, to Rs 25,719 per 10 gm at 2.20 PM IST.

    India gold imports slipped by almost 37 per cent to USD 1.96 billion in June compared to a year ago period.

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    Read more about: gold futures federal reserve
    Story first published: Friday, July 17, 2015, 14:45 [IST]
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