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Expect Gold to trade sideways:

Gold rose for a second day on Thursday after Federal Reserve officials hinted that U. S. interest rates could rise more slowly than expected, while palladium was lifted to a fresh 16 – year high by strong industrial metals markets. A cautious Dallas Fed President Robert Kaplan said on Thursday he would need to see evidence that prices will rise to a 2 – percent target in the medium term to support another interest – rate hike. Meanwhile, Kaplan’s Minneapolis counterpart Neel Kashkari said he continues to see no urgency to raise interest rates. The minutes of the Fed’s July 25 – 26 policy meeting showed some policymakers wished to halt further rate increases until it is clear the trend of soft inflation is transitory. European Central Bank policymakers worried about a possible overshoot in the euro when they met on July 20, minutes of the meeting showed on Thursday. Gold is sensitive to rising interest rates because they push up bond yields, raising the opportunity cost of holding non – yielding bullion, and tend to strengthen the dollar, in which gold is priced. The dollar and bond yields fell after the Fed minutes were released but have recouped some losses.