Symbol: GOLD| Contract: Aug, 2015| Category: Bullion
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Gold's Latest News
Rajesh Exports Ltd said on Monday it bought Valcambi, the world's largest gold refining company, in an all-cash deal worth $400 million.
Gold hovered just above its lowest level since 2010 on Monday, struggling to move higher as the market reckons the US Federal Reserve is moving closer to raising interest rates.
Gold prices are expected to come down to a low of Rs 23,000 per 10 grams on continuing worries over interest rate hikes by the Federal Reserve and a stronger US dollar, analysts say.
The government plans to issue sovereign gold bonds worth Rs 15,000 crore in the second half of the current fiscal year as it looks to curb demand for physical gold and raise funds through such securities.
The recent steep slide in the yellow metal predominantly transformed to buying spree from speculators and local traders even as overseas sentiment remained extreme nervous.
Gold has been hurt this year by expectations that the Federal Reserve is on track to raise interest rates for the first time in nearly a decade, boosting the opportunity cost of holding non-yielding bullion while lifting the dollar.
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