MCX Gold Maket View - 03.10.2016

 MCX Gold Maket View - 03.10.2016

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Last  week,  spot  gold  prices  declined  by  1.6  percent  to  close  at $1315.8  per  ounce  after  the dollar  see sawed  on  account  of  mixed U.S. data and as scepticism grew over whether OPEC members would be able to implement production cuts that could fuel inflation. U.S.  second -
quarter  economic  growth  and  weekly  jobless  claims. However,  dollar  pared  gains  after  data showed  contracts  to  buy previously owned U.S. homes dropped in August to their lowest level
since January. Yellen   was   thrust   into   the   election - year   boxing   ring   during   the hearing, defending the central bank's regulatory role and considering changing  the  annual  stress  tests  it gives  to  U.S.  banks  to  see  if they can withstand a massive financial crisis. On the MCX, gold prices declined by 1.7 percent to close at Rs.30742 per 10 gms.