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MTECHTIPS:-Gold Soars On MCX, Retail Demand Seen Strengthening

MTECHTIPS:-Gold Soars On MCX, Retail Demand Seen Strengthening

MCX Gold futures surged today as the global gold prices steadied following the status quo from the Fed. Equities also stayed supported in Asia and the yellow metal iswitnessing good buying support following a spurt in Indian imports. The reluctance of theFed to hike rates could bolster the metal further in near term as the yellow metalcontinues to recover from a one month low. COMEX Gold is quoting at $1129 per ounce rightnow, up nearly 1% on the day. MCX Gold futures are trading at Rs 26354 per 10 grams, up0.71% on the day after soaring above Rs 26400 in intraday moves. The US Federal Reserve kept interest rates steady on Thursday due to global headwinds that could slow the economy and keep inflation subdued though the central bank kept alie the possibility of a hike before the end of the year. The Fed noted that recent globaleconomic and financial developments may restrain economic activity somewhat and are likelyto put further downward pressure on inflation in the near term. The Fed said that thefinancial market turmoil did not change its assessment but added that it was monitoringdevelopments abroad. The Fed also lowered where it believes rates should be in the longerrun to 3.5% from 3.8% three months ago.

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