Gold prices Rose by 0.33 % on Monday as Markets

Gold prices rose by 0.33 per cent on Monday as markets looked ahead to remarks by a key Federal Reserve policymaker. Ahead on Monday, Federal Reserve Bank of Atlanta President Dennis Lockhart is to speak; his comments will be closely watched. Gold futures for October 2015 contract, at MCX, were trading at Rs. 27,330 per 10 grams, up by 0.33 per cent, after opening at Rs. 27,300, against the previous closing price of Rs 27,239. It touched an intra-day high of Rs 27,417 till the trading. (At 11.43 AM today).Last week, gold futures rallied to a more than six-week high on Friday, as steep losses in global equity markets and receding expectations that the Federal Reserve will raise U.S. interest rates next month boosted demand for the yellow metal.

                                                 Gold also benefited from fast rising expectations of a delayed Fed rate hike given the turbulence in financial markets, China slowdown jitters, slowing global growth and muted inflation, bolstering its lure as a store of value. Gold may extend a charge today as global stocks take a further pounding, bolstering the safe haven demand for the bullion. At the MCX, Gold futures for October 2015 contract closed at Rs 27,239 per 10 gram, up by 1.45 per cent after opening at Rs 27,145, against the previous closing price of Rs 26,849. It touched the intra-day high of Rs 27,330.

Read More - Bullion Tips